Sequential sells Heelys brand
Sequential Brands Group has sold the Heelys brand to BBC International for $11 million.
In a statement, the group said the majority of the net proceeds from the sale will be used to pay down debt.
Speaking of the sale, William Sweedler, executive chairman of Sequential, said: “The divestiture of the Heelys brand was an outcome of the board’s exploration of strategic alternatives, a process that is still underway. The Heelys brand was originally acquired in 2013 for a net purchase price of approximately $5.5 million (after accounting for cash on the Heelys balance sheet that we received at the time of the 2013 purchase). BBC International has been the core licensee of Heelys since 2013. We believe the brand is in great hands under BBC’s leadership going forward.”
Founded in 2000, Heelys offers patented products that feature a removable wheel located in the heel that can transform the shoes into stealth skates and giving users the freedom to seamlessly transition from walking or running to skating by shifting their weight to their heel.
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