Boston, Massachusetts-based Gordon Brothers Group sold Rugged Shark, its boating and fishing footwear company, to SG Footwear. Terms of the transaction were not disclosed.

Gordon Brothers Group bought Rugged Shark’s IP assets in April 2007, and immediately lined up a licensing agreement with the Avon, Massachusetts-based footwear manufacturer Atsco Footwear Group.

In speaking with Mergers & Acquisitions, Gordon Brothers principal and managing director Ken Frieze said Rugged Shark “was a terrific brand with a well-developed product line, but the company faced financial difficulties.”

He described the portfolio company’s product line as “vastly improved from where it was when we acquired it.”

SG Footwear manages the brands of several footwear companies, including Maidenform Brands, Inc., Jockey International, Phillips-Van Heusen-IZOD and The Dockers brand. Most recently, the footwear marketer signed a licensing agreement to design and manufacture Perry Ellis and Perry Ellis Portfolio slippers in August.

In September, Gordon Brothers exited another portfolio company, the Salty Dog. In discussing the sale, Frieze said the firm acquired the brand “at a discount to its inherent value,” and the consumer-focused private equity firm was ready about to sign a licensing agreement for the Salty Dog for an intervening period, but he said, “We got an offer we couldn’t refuse.”