Sequential Brands Group, Inc. has completed the merger of Heelys, Inc. Simultaneous with the closing, the previously announced global license
agreement with BBC International LLC became effective, making BBC the
exclusive licensee for Heelys footwear.
The company entered into an agreement and plan of merger dated December 7, 2012 to acquire Heelys subject to certain terms and conditions that have since been fulfilled, and the approval by the Heelys stockholders which was confirmed on January 24, 2013.
Sequential acquired all of the outstanding shares of common stock of Heelys for $2.25 per share in cash, or approximately $63 million. On closing, Heelys had approximately $57.5 million in cash. The balance of the purchase price was funded with cash from Sequential.
BBC is a leading global kids footwear organization with other prominent footwear licenses, including Polo Ralph Lauren, Warner Brothers and Marvel.
Yehuda Shmidman, CEO of Sequential, and Bobby Campbell, BBCs Founder and Managing Member, jointly stated, We see many opportunities to leverage Heelys compelling brand heritage and patented products as we re-launch the Heelys brand with our retail partners around the world.”
Founded in 1999, Heelys Heelys core product, HEELYS-wheeled footwear, is patented dual purpose footwear that incorporates a stealth, removable wheel in the heel.
Sequential Brands Group owns, promotes, markets, and licenses a portfolio of consumer brands that presently include William Rast®, People’s Liberation, DVS and Heelys.
