L.A. brand licensing company Sequential Brands Group Inc. announced Monday that it has agreed to buy Dallas sports footwear company Heelys Inc.
Sequential will acquire all outstanding shares of common stock for Heelys for $2.25 a share, or about $63.2 million. The merger is expected to close in the first quarter of 2013.
Heelys, best known for its sneakers that house a removable wheel in the heel, will be the fourth brand in the former jeans company’s portfolio and the second with a focus on shoes. Sequential also owns Justin Timberlake’s apparel brand William Rast and action sport shoe brand DVS.
“Heelys is recognized globally as a pioneer of skate shoes,” Yehuda Shmidman, chief executive at Sequential, said in a statement. “With its brand DNA rooted in innovation and skate, we see the potential for expansion in the future as a global lifestyle brand.”
Shares were unchanged at $4.75 in late Monday trading on the Over-the-Counter Bulletin Board.