Management Buyout Marks a New Chapter for Tulmar Safety Systems

Hawkesbury, ON – Tulmar Safety Systems, a global leading provider of safety solutions to the defence, aviation, and civil safety sectors, is proud to announce a significant milestone in its history. The company’s ownership has transitioned through a management buyout, led by Chief Executive Officer Patrick Tallon, who will become the majority shareholder. Effective December 2024, this change marks the beginning of an exciting new chapter for the organization, ensuring continuous growth and improvement for clients, partners, and employees.

For over three decades, Barney Bangs, Executive Chairperson and majority shareholder, has been a cornerstone of Tulmar’s success. As a dedicated member of TEC Canada and an active contributor to industry committees and boards such as the Canadian Association of Defence and Security Industries (CADSI) and the Aerospace Industries Association of Canada (AIAC), Mr. Bangs has played a pivotal role in building Tulmar’s reputation as a trusted provider of safety solutions. Reflecting on this significant milestone, he shared: “I have always been impressed with the quality of Tulmar’s senior leadership team, which comprises long-term employees with diverse expertise. Ensuring the continuation of our strong people-centric culture through this transition was my top priority.”

Under the terms of the buyout, Mr. Bangs will retain a minority ownership stake and continue to serve on the Advisory Board of Directors, offering strategic guidance as Tulmar embarks on its next growth phase.

Patrick Tallon, CEO since 2019, shared his vision for the future: “Tulmar has built a reputation for developing engineered for protection products and services, and we are committed to continuing that legacy. Barney’s dedication to our clients and employees is deeply embedded in the fabric of this company, and we are grateful for his ongoing involvement.”

Joining Mr. Tallon in the new ownership group are Benoit Corbeil, Ryan McCormick, and Lori Morris. Mr. Corbeil leads Engineering, Mr. McCormick leads Finance, and Ms. Morris leads Operations. This accomplished team brings decades of experience, technical expertise, and financial acumen, united by a shared commitment to upholding Tulmar’s high standards of safety, quality, and service.

As Tulmar steps into this new era; clients, partners, and employees can expect a seamless transition, underscored by the same unwavering commitment to excellence that has defined the company for decades.