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Acquisition of Team Wendy

In September we signed an agreement to acquire Team Wendy, with the acquisition completing in November.

Team Wendy adds leading helmet liner and retention systems used by the U.S. Department of Defense and established positions in Rest of World Military and First Responder helmet markets to our Helmets & Armor business which is focused on next generation ballistic helmets and body armor for the U.S. DOD.

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Combining Team Wendy with Avon Protection’s existing Helmets & Armor business will create a global leader in Military and First Responder helmets with a broader product portfolio and stronger capabilities and routes to market.

Team Wendy’s key strengths are closely aligned to those of Avon Protection

  • A diversified customer base of Military and First Responder users, both in the U.S. and internationally, with customers in over 50 countries ensuring it is not reliant on any single customer or contract.
  • Strong R&D capabilities with leading helmet liner and retention system technologies and a focus on impact protection capabilities. Team Wendy has developed advanced proprietary technology relating to helmet liner and retention systems.
  • The Team Wendy brand name is well respected and widely recognised internationally for its high-quality products, commitment to safety and advanced technological capabilities.
  • Revenue in the year ended 31 December 2019 of US $44.2 million and EBITDA of US $13.4 million resulting in an EBITDA margin of 30.3%.
  • Strong and longstanding management team who have transferred with Team Wendy following completion.

Team Wendy currently operates from a single facility in Cleveland, Ohio, employing approximately 130 people. Team Wendy will continue to operate from its Cleveland base, benefiting from the wider Avon Rubber infrastructure and management support.