Helmet maker Team Wendy to be acquired by Avon Rubber for $130 million
The purchase of Cleveland, Ohio-based Team Wendy is being made by Avon Rubber’s subsidiary Avon Protection Systems Inc.
Composite helmet-maker Team Wendy LLC has entered into a definitive purchase agreement to be acquired by Avon Rubber plc for US$130 million.
The purchase of Cleveland, Ohio-based Team Wendy is being made by Avon Rubber’s subsidiary Avon Protection Systems Inc., and is expected to close in the first quarter of Avon’s 2021 fiscal year ending Dec. 31, 2020. Team Wendy will operate as a subsidiary of Avon from the company’s current headquarters in Cleveland, and will continue to be led by its CEO Jose Rizo-Patron and its six department directors, who will all remain in their positions.
Founded in 1997 and named for the late daughter of chairman and principal owner Dan T. Moore who died after a traumatic brain injury, Team Wendy provides head protection systems for military, law enforcement, search and rescue, and adventure markets.
Avon Protection supplies respiratory and ballistic protection for the world’s militaries and first responders, with more than 1,200 employees in 12 global locations, around 70 per cent of whom are based in the U.S.
“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 Avon CEO Paul McDonald. “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.”