US: Sequential Brands closes Heelys deal
Sequential Brands has closed its acquisition of wheeled footwear brand Heelys.
Sequential acquired all of the outstanding shares of Heelys for US$2.25 per share in cash, or approximately $63m.
The company also announced a global license agreement with BBC International, making BBC the exclusive licensee for Heelys footwear.
Yehuda Shmidman, CEO of Sequential, and Bobby Campbell, BBC's 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."
Sequential Brands, owner of the William Rast and People's Liberation brands, has seen its first-quarter losses widen after acquisition costs offset higher revenue. ...
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