Sequential Brands Group, the owner of a portfolio of consumer brands in the active and lifestyle sectors, has announced the sale of its Heelys brand to BBC International for an $11m (£8m) cash consideration.
Founded in 2000, Heelys is a patented product that features a removable wheel in the heel of a pair of trainers.
The brand was originally acquired by Sequential in 2013 for a net purchase price of roughly $5.5m (£4m).
Sequential claimed that the majority of net proceeds, which represent an approximate doubling of the group’s original investment, will go towards paying down debt.
William Sweedler, executive chairman at 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.”
A leading full-service footwear company specialising in design, sourcing, and technology with global distribution, BBC International has acted as Heelys’ core licensee since 2013.
Sweedler added that the Heelys brand is in “great hands under BBC’s leadership” moving forwards.