February 2016 – Leading Australian fire protection brand Wormald has welcomed a newlocal management team and returns to being a dedicated fire business, following its salefrom global fire and security company Tyco to Wormald International, LLC, a new subsidiaryof Evergreen Capital.
Newly appointed chief executive officer, Andrew Lee said: “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.
“I look forward to driving the business forward with a renewed focus on regional based decision making to provide our customers with the trusted, local service on which Wormald has built its name for more than 125 years in Australia.
“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.”
Evergreen is a New York based investment firm with two decades of financial, operational and investment experience spanning a broad set of industries, including fire protection, alarm systems, logistics and processing, technical outsourcing, steel fasteners and engineered products, chemicals and plastics, real estate and telecommunications.
Mr Lee said: “Evergreen is genuinely excited to include Wormald in its portfolio and are committed to supporting and growing this time-honoured brand.”
The sale was completed on 29 January 2016.
In addition to the purchase of Wormald Australia, Evergreen also acquired the National Fire Solutions, GAAM Emergency Products, Exelgard and Simplex Time Solutions businesses from Tyco.
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.