Heelys bought by the Sequential group

By

Sarah Ahssen

Published
Dec 13, 2012

Sequential Brands – who own William Rast, People’s Revolution and most recently DVS Shoe Company – is about to ink a takeover deal with American brand Heelys for the sum of 48.6 million euros. Investment funds Evergreen made an offer on the skate brand in October, but deal was never made.

On 23 October, Heelys announced that it would be selling its assets to the Evergreen group for 10.7 million euros before dissolving the rest of the company. "The Sequential transaction represents an attractive outcome and is in the best interest of Heelys stockholders," said Tom Hansen, Heelys President and CEO. He also explains that the company has agreed to pay a termination fee to Evergreen.

Under Sequential, Heelys will be transformed into a lifestyle brand, which comes as good news to the company after a difficult sales period. The first quarter of 2012 saw the company completely restructure, closing its Belgian office and introducing offices in France, Germany and the United States.