British Company To Acquire Protective Headgear Maker Team Wendy

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Team Wendy

A well-known helmet brand based in Cleveland, Ohio, is going to be acquired by a British company. Team Wendy in a press release, announced that it has entered into a definitive purchase agreement with Avon Protection Systems, Inc., a subsidiary of Avon Rubber which is based in Wiltshire.

For a good number of airsoft players, their familiarity with Team Wendy is through their purchases of the EXFIL Tactical Helmets though these are mainly the cheaper knock-offs made in Asia. Team Wendy won a case against FMA for counterfeiting their helmets in 2014, but until now, there are still FMA replicas of the helmet circulating.

Team Wendy is a family-owned company that was established in 1997 by Dan T. Moore who named it after his late daughter who died after a traumatic brain injury. Team Wendy not only produces helmets for military and law enforcement but also for search and rescue and adventure.

The acquisition of Team Wendy makes sense for Avon Protection Systems Avon as it supplies respiratory and ballistic protection for the militaries and first responders with a good number of its employees based in the U.S. Before Team Wendy, Avon Protection Systems purchased Ceradyne early this year.

Team Wendy & Avon Protection


The deal is worth US$130 million and Team Wendy will operate as a subsidiary of Avon whilst operating from its current headquarters in Cleveland. The existing management of Team Wendy, led by CEO Jose Rizo-Patron and the directors will continue with their positions.

Official press release from Team Wendy below:


Team Wendy To Be Acquired By Avon Rubber For $130 Million

Transaction will create a global leader in head protection systems for the military and first responder markets

CLEVELAND, Sept. 9, 2020 -- Team Wendy, LLC ("Team Wendy"), a leading U.S. supplier of exceptional head protection systems for military, law enforcement, search and rescue, and adventure markets, today announced that it has entered into a definitive purchase agreement with Avon Rubber p.l.c. ("Avon") (LON: AVON) under which its subsidiary Avon Protection Systems, Inc. ("Avon Protection") will acquire Team Wendy for a cash consideration of $130 million USD on a cash-free and debt-free basis, subject to a normalized level of working capital (the "Acquisition").
Together, Avon Protection and Team Wendy will create a global leader in head protection systems for the military and first responder markets, following Avon's acquisition of Ceradyne from 3M earlier this year.

Team Wendy's EXFIL® Ballistic SL helmet with Avon Protection’s FM54 Mask System and CS-PAPR Combination System (left); Team Wendy's EXFIL® Carbon helmet with Avon Protection’s C50 Mask System (right).

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.

At the close of the transaction, Team Wendy will operate as a subsidiary of Avon from the Company's current headquarters in Cleveland, Ohio. 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.

"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."

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