Cadre Holdings Inc. Announces Pricing of $78 Million Initial Public Offering

Rhea-AI Summary

Cadre Holdings Inc. has announced the pricing of its initial public offering (IPO) of 6,000,000 shares at $13.00 per share, aiming to raise approximately $78 million before expenses. An additional 900,000 shares may be purchased by underwriters within a 30-day option. The IPO is expected to close on November 8, 2021, following its trading debut on the NYSE on November 4, 2021, under the ticker symbol 'CDRE'. Net proceeds of about $68 million will be used to repay borrowings and for general corporate purposes.

Positive

• Expected gross proceeds of approximately $78 million before expenses.
• Intended use of funds includes repayment of outstanding borrowings, potentially improving the company's balance sheet.

Negative

• Potential dilution of shares due to the additional option for underwriters to purchase 900,000 additional shares.

JACKSONVILLE, Fla., Nov. 4, 2021 /PRNewswire/ -- Cadre Holdings Inc. ("Cadre" or "the Company"), a global leader in the manufacturing and distribution of safety and survivability equipment for first responders, today announced the pricing of its initial public offering of 6,000,000 shares of common stock at a public offering price of $13.00 per share. The Company has granted the underwriters a 30-day over-allotment option to purchase up to an additional 900,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange (the "NYSE") on November 4, 2021, under the ticker symbol "CDRE." The offering is expected to close on November 8, 2021, subject to the satisfaction of customary closing conditions.

Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $78 million, excluding any exercise of the underwriters' option to purchase additional shares. Cadre expects to receive approximately $68 million in net proceeds from the offering. Cadre intends to use the net proceeds of the offering to repay outstanding borrowings and for general corporate purposes.

Stifel, Raymond James and B. Riley Securities are acting as lead bookrunning managers for the offering. Stephens Inc. is also acting as a bookrunning manager. Roth Capital Partners and Lake Street are acting as co-managers.

A registration statement on Form S-1 relating to the shares being sold in this offering was declared effective by the Securities and Exchange Commission ("SEC") on November 3, 2021. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the final prospectus related to this offering may be obtained, when available, from Stifel, Nicolaus & Company, Incorporated, One South Street, 15th Floor, Baltimore, MD 21202, Attention: Syndicate Department, email: Syndprospectus@stifel.com; Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate, email: prospectus@raymondjames.com; or B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, VA 22209, Attention: Prospectus Department, email: prospectuses@brileyfin.com; or on the website maintained by the Securities and Exchange Commission at http://www.sec.gov/.  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Gray Hudkins
Cadre Holdings Inc.
gray.hudkins@cadre-holdings.com
203-550-7148

Jonathan Keehner / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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SOURCE Cadre Holdings

FAQ

What are the details of Cadre Holdings Inc.'s IPO?

Cadre Holdings is offering 6,000,000 shares at $13.00 per share with a potential additional 900,000 shares for underwriters. The offering is expected to raise $78 million.

When will Cadre Holdings begin trading on the NYSE?

Cadre Holdings is set to begin trading on November 4, 2021, under the ticker symbol 'CDRE'.

What will Cadre Holdings do with the net proceeds from the IPO?

The net proceeds of approximately $68 million will be used to repay outstanding borrowings and for general corporate purposes.

When is the expected closing date for Cadre Holdings' IPO?

The IPO is expected to close on November 8, 2021, subject to customary closing conditions.