Heelys Inc. (Nasdaq: HLYS) makes shoes with removable wheels concealed in the soles that were popular with children around 2006. Sales have since declined as the fad faded, but a $63.2 million purchase from Sequential Brands Group Inc. may bring a much needed push to the Carrolton, Texas-based company.

The purchase price works out to $2.25 per share. The stock traded at a high this year of $2.60 in April.

Heelys has determined the deal is superior to the previously announced offer from private equity firm Evergreen Group Ventures LLC.

Evergreen will receive a termination fee.

Evergreen had agreed to pay $13.9 million in cash plus assume an undisclosed amount of liabilities. If the Evergreen sale had gone through, Heelys would have liquidated the remainder of its assets. That deal was announced Oct. 23.

Heelys shareholders were scheduled to vote on the Evergreen deal on Dec. 13, but the meeting was canceled.

Sequential Brands owns clothing companies Williams Rast, People's Liberation and DVS Action Sports.

DVS Action Sports, which is more widely known as DVS Shoes, makes a line of skateboarding and snowboarding shoes and clothes.

Sequential purchased DVS out of bankruptcy for $8.6 million. The brand had sought bankruptcy protection in May.

Tengram Capital Partners advised Sequential on the deal.

The deal requires Heelys stockholder approval. Roth Capital Partners LLC served as Heelys' financial adviser, while Gardere Wynne Sewell LLP served as legal adviser. Skadden Arps Slate Meagher & Flom LLP served as Sequential's legal adviser.

The transaction is part of a string of retail deals that have included Prospect Brands' purchase of heated-clothing retailer Gerbing's Heated Clothing Inc. and Leonard Green & Partners LP's buying a 25 percent stake in retailer Topshop for $805 million. Then there was the $525 million sale of plus-size retail group OneStopPlus Group to the consortium of Charlesbank Capital Partners and Webster Capital.

In December, Bertram Capital, which backs Sanare LLC, Spireon Inc. and One Distribution LLC, invested in skincare and cosmetics company Paula's Choice.

In November, Advance Communications, Bain Capital, Highland Capital Partners and Kleiner Perkins Caufield & Byers invested in dress and accessory rental company, Rent the Runway.

In October, JH Partners invested in jewelry retailer Alex and Ani.

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