Team Wendy, a leading U.S. supplier of exceptional head protection systems for military, law enforcement, search and rescue, and adventure markets, today announced that it has entered into a definitive purchase agreement with Avon Rubber p.l.c.. Under the terms of the acquisition, Avon Protection Systems, Inc. will acquire Team Wendy for a cash consideration of $130 million USD.
Together, Avon Protection and Team Wendy will create a global leader in head protection systems for the military and first responder markets, building upon Avon’s acquisition of Ceradyne from 3M earlier this year.
The acquisition is expected to close in the first quarter of Avon’s 2021 fiscal year ending Dec. 31, 2020. It is subject to Avon shareholder approval, as well as U.S. regulatory approvals and satisfaction of customary closing conditions.
At the close of the transaction, Team Wendy will operate as a subsidiary of Avon from the Company’s current headquarters in Cleveland, Ohio. Team Wendy will continue to be led by its Chief Executive Officer Jose Rizo-Patron and its six department directors, who will all remain in their positions.
Avon Protection is the recognized global leader in respiratory and ballistic protection for the world’s militaries and first responders, with more than 1,200 employees in 12 global locations, around 70 percent of whom are based in the U.S. Avon has a primary listing on the London Stock Exchange and is a constituent of the FTSE 250 Index.
“The acquisition of Team Wendy is another important strategic step in the transformation of Avon Rubber into a leading provider of life critical personal protection systems,” said Paul McDonald, chief executive officer of Avon. “Team Wendy is a high-quality business with complementary liner and retention system technologies and established positions in Rest of World Military and First Responder helmet markets. Bringing Team Wendy into the same family with our existing Helmets & Armor business establishes Avon Protection as a global leader in Military and First Responder helmets, with an enhanced and broader product portfolio with stronger capabilities and routes to market.”
“Team Wendy was founded to honor the legacy of my late daughter and improve head protection systems to prevent other families from experiencing a similar loss,” said Dan T. Moore, chairman, founder and principal owner of Team Wendy. “My family has always agreed that we would only ever sell Team Wendy if it was to the right partner. In meeting with the Avon leadership team and understanding their vision, it was clear to me that they would honor her legacy and help to drive continued and sustainable growth and innovation.”
About Team Wendy®
Team Wendy is dedicated to providing exceptional head protection systems designed from the inside out for those who risk their lives every day. Founded in 1997, the Cleveland-based company places a strong focus on the prevention of traumatic brain injury (TBI) in honor of the company’s namesake Wendy Moore, who died tragically from a TBI following a ski accident. As a leading supplier of helmet systems for military, law enforcement, search and rescue, and adventure sports, Team Wendy is steadfast in its dedication to the pursuit of improving head protection research, design and development, bringing more choice, better technology and reliable customer service to the industry. Learn more at www.TeamWendy.com.
About Avon Protection
Avon Protection is an innovative technology group, which designs and produces specialist products and services to maximize the performance and capabilities of its customers. Avon Protection is a leading provider of life-critical personal protection systems with leading positions within the global respiratory and next generation ballistic protection markets for the world’s militaries and first responders. For further information, please visit www.avon-protection.com.