Licensor keeps Heelys rolling
DALLAS and LOS ANGELES — Sequential Brands Group, a company that owns, markets and licenses a portfolio of consumer brands, including DVS Action Sports, will acquire Heelys, a maker of sports-inspired products targeted to the youth market.
Heelys is best known for its patented dual-purpose footwear that incorporates a removable wheel in the heel. Heelys’ wheeled footwear allows wearers to go from walking or running to skating by shifting their weight to the heel of their shoe. Sequential will acquire all the outstanding shares of common stock of Heelys for $2.25 per share in cash, or approximately $63.2 million.
"The Sequential transaction represents an attractive outcome and is in the best interest of Heelys stockholders," said Tom Hansen, Heelys president and CEO. "Their all-cash offer provides our stockholders with a fixed cash value and eliminates the need to proceed with the previously announced Plan of Dissolution."
Sequential licenses its brands in a variety of consumer categories to retailers, wholesalers and distributors in the United States and in certain international territories.
"We are excited to be adding the Heelys brand to our portfolio. 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," said Yehuda Shmidman, CEO of Sequential. "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."