New York -- Private equity firm Apax Partners said Friday that it will acquire Cole Haan from Nike for $570 million in cash.
Cole Haan sells through 108 domestic stores, 68 international stores, online and through department stores. It has been a part of Nike since 1988.
To effect the acquisition, Apax is partnering with Jack Boys, who led the revitalization of Converse.
The transaction is expected to close in early 2013.
"The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the Nike portfolio are the most complementary to the Nike brand," said Nike president and CEO Mark Parker.