Composite helmet-maker Team Wendy LLC has entered into a definitive purchase agreement with Avon Rubber plc to be acquired for $130 million.
Under the agreement, Cleveland-based Team Wendy, which makes head protection gear for military, police and search and rescue crews, will be acquired by Baltimore-based Avon Protection Systems Inc., a subsidiary of Melksham, England-based Avon Rubber. The two will form a "global leader in head protection systems for the military and first responder markets," a news release stated. This acquisition will follow that of Ceradyne from 3M by Avon earlier this year.
The acquisition is expected to close by the end of calendar year 2020 and is subject to Avon shareholder approval, U.S. regulatory approvals and customary closing conditions.
Once completed, Team Wendy will serve as a subsidiary of Avon and will continue to operate from its headquarters in Cleveland. CEO Jose Rizo-Patron and the company's six department directors will remain with Team Wendy in those roles, the release said.
"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," Rizo-Patron said in the release. "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."
Cleveland entrepreneur Dan T. Moore is the chairman, founder and principal owner of Team Wendy, which was founded in honor of his late daughter, who died after a traumatic brain injury.
"My family has always agreed that we would only ever sell Team Wendy if it was to the right partner," Moore said in the release. "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."
Team Wendy also makes helmet liner and retention systems used by the U.S. Department of Defense, Avon said in a news release.
Avon said it will finance the acquisition through the pending sale of its rubber and plastics commercial dairy milking system, Milkrite.