VF Corp. received cash proceeds of $139.4 million from the sale of Reef to The Rockport Group, according to VF’s third quarter report filed with the Securities & Exchange Commission.
VF said it recorded an estimated $9.9 million loss based on the anticipated terms of the sale. The purchase price listed in the filing was still subject to working capital and other adjustments.
Reef was acquired by VF in 2005 for $187.7 million.
Rockport is a portfolio company of certain affiliates of Charlesbank Capital Partners, LLC, a middle-market private equity firm. The Rockport Group is home to the Rockport, Aravon and Dunham brands.