Sequential Brands Group Inc. will buy Heelys Inc. (Nasdaq: HLYS) for $63.2 million.

Heelys makes shoes with removable wheels concealed in the soles that were popular with children around 2006. The company's sales have been declining for several years as the fad faded. 

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 has been 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 Parnters 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.

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