Melksham, UK - Avon Rubber plc has signed a $130 million (€110 million) agreement to acquire US helmet maker Team Wendy as it aims to expand its Avon Protection business.
The UK manufacturer expects to close the acquisition by the yearend and finance it through the pending sale of its rubber dairy equipment business, milkrite|InterPuls, said Avon in a statement 9 Sept.
Based in Cleveland, Ohio, Team Wendy is a family business and a supplier of helmets, helmet liner and retention systems for military and first responder markets.
The move, said Avon, is an important step in the development of the company as a “leading provider” of life critical personal protection systems to military and first responder markets.
Combining Team Wendy with its existing helmets & armour business, the UK rubber goods manufacturer expects to create a "global leader" in military and first responder helmets with “a broader product portfolio and stronger capabilities and routes to market.”
Team Wendy reported sales of $44.2 million and earnings of $13.4 million in 2019.
The company supplies helmet and retention systems to the US department of defense (DoD), a key Avon customer, as well as other clients globally.
The business currently operates from a single facility in Cleveland, employing approximately 130 people.
Post-acquisition, Team Wendy will continue to operate from its Cleveland base, led by CEO Jose Rizo-Patron, said Avon.
Part of Avon Rubber plc, Avon Protection is a supplier of respiratory and ballistic protection for militaries and first responders and has more than 1,200 employees across 12 global locations, 70% of which are based in the US.