New owners for Australian Wormald fire business
The deal for global fire and security company Tyco to sell off its Wormald Australian fire business has been finalised.
Tyco entered into an agreement to sell the business to Wormald International, LLC (Wormald), a newly established subsidiary of Evergreen Capital. This sale has now been officially completed and a new local management team led by Andrew Lee, chief executive, has been established.
“We are committed to ensuring a smooth transition, with minimal impact on our operations and customers. Wormald’s focus remains business as usual and customers’ fire protection needs are the top priority,” said Lee.
“Wormald has a long and proud history of delivering specialised fire expertise across Australia. The sale presents an exciting opportunity for the Wormald business to return to its roots and benefit from a less centralised and more flexible business structure.”
In addition to the purchase of Wormald Australia, Evergreen has also acquired the National Fire Solutions, GAAM Emergency Products, Exelgard and Simplex Time Solutions businesses from Tyco.
According to Lee, the New York-based investment firm is “genuinely excited to include Wormald in its portfolio and are committed to supporting and growing this time-honoured brand”.
Tyco and Evergreen have a longstanding relationship globally and locally as a result of the sale of Armourguard in New Zealand and the fire and security operations in Fiji two years ago.
For more information, visit www.wormald.com.au or call 133 166.
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