VF Corp has sold Reef to Rockport Group for an undisclosed amount, the company said in a press release. The sale follows the company's policy of focusing on portfolios with the greatest growth potential, it said.

The new owner, based in Boston, will maintain the brand's operations in Carlsbad, California.

“Reef is a powerful brand with authenticity and an incredible base of loyal consumers,” said Gregg Ribatt, CEO of Rockport. “We are excited to work with the powerful team that has led the evolution and resurgence of the brand. We believe in the plan for growth in consumer, product and geographic expansion,” he added.

According to the specialized surfing business site, Shop Eat SurfRockport was owned by Adidas, but later declared bankruptcy and was acquired for $150 million by investment group Charlesbank Capital Partners.

Reef was founded by Argentine brothers Fernando and Santiago Aguerre in 1984, According to SGB MediaIn 2005, they sold the brand to VF Corporation for $187,7 million.