Rockport wins court approval to sell assets to Charlesbank affiliate

By Caroline Salls

Pittsburgh, July 18 – Rockport Group, LLC received court approval to sell substantially all of its assets to Charlesbank Equity Fund IX, LP affiliate CB Marathon Opco, LLC, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Under its stalking horse bid, Charlesbank agreed to pay $150 million in cash and to issue a warrant to purchase up to 5% of common equity of its indirect parent once the stalking horse bidder receives a return equal to 2.5 times its initial equity investment as of the closing date. Charlesbank will also assume some liabilities related to the assets.

Rockport said it did not receive any qualified competing bids for the assets.

Rockport, a West Newton, Mass.-based footwear company, filed bankruptcy on May 14. The Chapter 11 case number is 18-11145.

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