Wheeled-Shoe Co. Heelys Goes Private With Sale To PE Firm

Law360, New York (October 23, 2012, 4:12 PM EDT) -- Heelys Inc., the maker of wheeled sneakers for kids that surged in popularity several years ago, will go private in a $13.9 million sale to private equity firm Evergreen Group Ventures LLC, the company said Tuesday.

The move comes after Heelys has seen its market value, once peaking at more than $1 billion, has plummeted to just more than $50 million after a craze for its product tailed off.

In the proposed cash deal, Evergreen will swallow up Heelys’ operating assets, with the Dallas-based company’s $58.2...
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