Sequential Brands Group Inc. (OTC: SQBG) has closed on its $63 million Heelys Inc. purchase.
Sequential paid $2.25 per share for all of Carrollton, Texas-based Heelys stock. The target had $57.5 million in cash, so the balance of the purchase price was paid with Sequential cash.
Heelys makes shoes with removable wheels concealed in the soles that were popular with children around 2006.
The deal was announced in December.
Now that the deal has closed, BBC International LLC, a children’s footwear company, will be the exclusive licensee for Heelys footwear. BBC has licenses for others kids footwear companies, including Polo Ralph Lauren, Warner Brothers and Marvel.
Before Sequential made an offer, Heelys had received a bid from private equity firm Evergreen Group Ventures LLC. Heelys determined that Sequential’s bid was better than Evergreen’s $13.9 million bid.
Sequential owns clothing companies William Rast, People’s Liberation and DVS Action Sports.