Sequential Brands Group, the company that bought the DVS brand in a bankruptcy auction, announced this morning it has an agreement to buy the Heelys brand for $63.2 million in cash.
Heelys had a previous agreement with Evergreen Group Ventures, but said the all cash offer from Sequential is better.
Sequential is offering to pay $2.25 per share. Heelys stock closed at $2.21 on Friday.
The deal with Sequential must be approved by shareholders and is expected to close in the first quarter of 2013.
“We are excited to be adding the Heelys brand to our portfolio,” Sequential CEO Yehuda Shmidman said in a press release. “Heelys is recognized globally as a pioneer of skate shoes, and with its brand DNA rooted in innovation and skate, we see the potential for expansion in the future as a global lifestyle brand.”
“Fitting with Sequential’s brand-management business model, we have identified our long-term worldwide licensing partner for the core category of footwear, and will announce the partner and the team managing the Heelys brand shortly,” Shmidman said.
With DVS, Sequential licensed the brand to a strong footwear company, Elan Polo International.
