Team Wendy LLC, a supplier of head protection systems for military, law enforcement, search and rescue, and adventure markets, has entered into a definitive purchase agreement with Avon Rubber p.l.c. under which its subsidiary Avon Protection Systems Inc. will acquire Team Wendy for a cash consideration of $130 million on a cash-free and debt-free basis, subject to a normalized level of working capital.
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. Team Wendy will continue to be led by its CEO Jose Rizo-Patron and its six department directors, who will all remain in their positions.
