Team Wendy, a Cleveland-based maker of athletic and military helmets, has agreed to a sale to UK-based Avon Rubber p.l.c., the parent of Avon Protection Systems, for a cash consideration of $130 million.
At the close of the transaction, Team Wendy will operate as a subsidiary of Avon from the company’s current headquarters in Cleveland, OH. 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.
The Team Wendy purchase will follow Avon’s acquisition of Ceradyne 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.
“Today’s announcement marks an exciting new chapter for Team Wendy that will usher in new opportunities for our employees, our customers and our business partners,” said Jose Rizo-Patron, chief executive officer of Team Wendy. “We remain focused on our vision to save lives by providing the best for anyone wearing a helmet. Avon’s management team shares our vision for the growth and expansion of Team Wendy and, as such, we believe they are the right long-term partner for our customers, employees and other stakeholders.”
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.”
“We look forward to welcoming Team Wendy into the Avon family and working together to further develop head protection systems that prevent traumatic brain injury and to improve the performance and capability of our customers.”
“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.”
Photo courtesy Team Wendy