UK-based Avon Rubber has agreed to acquire US firm Team Wendy, which makes military and first-responder helmets, the two companies announced on 9 September.
Avon Rubber is based in Melksham, Wiltshire, in South West England. (Getty Images)
Combining Team Wendy with Avon Protection’s existing Helmets & Armor business will enhance their competitiveness by creating a broader product portfolio and sharing customer access and new technology, the companies said.
Avon plans to pay GBP100 million (USD130 million) for Team Wendy using proceeds from the sale of a dairy business. The acquisition is expected to close in the October–December quarter.
Team Wendy, which has about 130 employees, will operate as an Avon subsidiary from its current facility in Cleveland, Ohio. Its CEO, Jose Rizo-Patron, and its six department directors intend to stay in their positions.
Team Wendy has customers in more than 50 countries and supplies helmets for the US Department of Defense and the Australian Defence Force, among other entities. Last year it had revenue of USD44.2 million and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of USD13.4 million.
Entrepreneur Dan Moore, Team Wendy’s chairman and principal owner, founded the company in 1997 in honour of his daughter, Wendy Moore, who died from a brain injury sustained in a snow skiing accident.