Cadre Holdings Completes Acquisition of Radar Leather Division S.r.l.
Cadre Holdings, Inc. (NYSE: CDRE) has successfully completed its acquisition of Radar Leather Division S.r.l., a leading European duty gear manufacturer. The acquisition is expected to be immediately accretive, enhancing Cadre's product offerings, particularly in Europe. Pietro and Paolo Pellegrini will continue to lead Radar, focusing on growth opportunities. Radar, established in 1957, specializes in high-quality holsters and accessories, primarily generating revenue through distribution partners. This move aims to leverage synergies and create long-term value for stakeholders.
- Acquisition of Radar Leather Division expected to be immediately accretive.
- Continued leadership from Radar's Pellegrini family to drive growth.
- Expansion of product offerings in the European market.
- None.
JACKSONVILLE, Fla., Jan. 11, 2022 /PRNewswire/ -- Cadre Holdings, Inc. (NYSE: CDRE) ("Cadre" or "the Company"), a global leader in the manufacturing and distribution of safety and survivability equipment for first responders, today announced the completion of the Company's previously announced acquisition of Radar Leather Division S.r.l. ("Radar"). The acquisition is expected to be immediately accretive. As previously announced, Pietro Pellegrini, CEO of Radar, and Paolo Pellegrini, Vice President of Radar, will remain with the business in their current roles and partner with the team at Cadre to drive continued growth alongside Cadre's wholly owned subsidiary, Safariland LLC.
Established in 1957 by Gisberto Pellegrini and based in Fucecchio, Italy, Radar is a premiere family-owned duty gear business that specializes in the production of high-quality holsters, belts, duty belts, and other accessories. Radar generates the majority of its revenue in Europe, selling its products through distribution partners and directly to agencies.
Warren B. Kanders, Chairman and CEO of Cadre, said, "We are pleased to have completed the acquisition of Radar. The Pellegrini family has built a highly respected and leading duty gear brand, and we look forward to working with Pietro and Paolo to capitalize on compelling growth opportunities."
Pietro Pellegrini, CEO of Radar, commented, "The closing of this transaction is an important milestone for both Radar and our family. I am excited and confident that, together with Cadre and Safariland, we will build upon our more than 60-year legacy to create long-term value for all stakeholders."
About Cadre
Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety and survivability products for first responders. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, and duty gear. Our highly engineered products are utilized by domestic and international first responders in state and local law enforcement, fire and rescue, explosive ordnance disposal, emergency medical technicians, as well as numerous federal agencies and foreign government agencies in 104 countries. Our key brands include Safariland® and Med-Eng®, amongst others.
Forward-Looking Statements
Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward-looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in in the markets in which we operate, including foreign countries. More information on potential factors that could affect the Company's financial results are more fully described in our prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on November 5, 2021, and will be included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
Contact:
Gray Hudkins
Cadre Holdings, Inc.
203-550-7148
gray.hudkins@cadre-holdings.com
Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
212-477-8438 / 212-227-7098
lberman@igbir.com / mberkowitz@igbir.com
Media Contact:
Jonathan Keehner / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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SOURCE Cadre Holdings
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