Apparel firm Sequential Brands Group, which owns the William Rast and People's Liberation  brands, is making its first move into the action sports sector after agreeing an $8.55m deal to buy the DVS brand from DVS Shoe Company.

The DVS brand will extend Sequential Brands' licensing platform into the footwear category, with additional product categories currently in negotiation. DVS-branded products are sold worldwide at specialty actions sports retailers.

Sequential has secured Elan Polo International to manage the core footwear business and continue the current distribution strategies, while RSA & Associates will be the licensee for the apparel category.

The transaction is expected to close later this week.

"This is the first of many acquisitions for Sequential," said William Sweedler, co-founder of Tengram Capital Partners and chairman of Sequential Brands Group. "With the addition of the DVS brand, we enter a new consumer sector that diversifies our business model and strengthens our company."