Leading Provider of Plate Carriers, Vests, Hard Armor, and Shields to Tactical Teams
Expected to be Immediately Accretive and Advances Strategic Focus on Mission-Critical Products with High Margins, Strong Cash Flows
Provides Significant Entry into New Markets, Particularly in European Military and Defense
JACKSONVILLE, Fla. — Cadre Holdings, Inc. (NYSE: CDRE) (“Cadre” or “the Company”), a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today it has entered into a definitive agreement to acquire TYR Tactical, LLC, a leading global manufacturer of tactical gear and equipment for military, law enforcement, and government agencies worldwide. The addition of TYR Tactical, which produced approximately $92.6 million of revenue in the year ended December 31, 2024, is expected to be immediately accretive to earnings and adjusted EBITDA margins.
The total consideration is $175.0 million, including $150.0 million of cash at closing and $25.0 million of Cadre common stock1, of which $1.0 million will be in the form of restricted stock unit awards to be granted to certain employees of TYR Tactical. In addition, the seller will be eligible to receive up to $25.0 million in additional contingent earn-out consideration, payable in cash, unregistered shares of common stock, or a combination thereof, at the Company’s discretion, based on the achievement of specified net revenue targets for the calendar years 2026, 2027, and 2028. As part of the transaction, the Company will acquire certain real property owned by an affiliate of TYR Tactical.
A family-owned business founded by Jason and Jane Beck in 2010, TYR Tactical is a leading manufacturer of mission-critical personal protective equipment and tactical gear for military and law enforcement globally. Designed to meet the exacting needs of tactical operators in high-risk environments, its suite of products includes plate carriers, vests, hard armor, shields, and accessories. Headquartered in Peoria, Arizona, TYR Tactical serves a worldwide customer base, including top-tier special operations units and government agencies in the U.S. and international militaries.
Warren B. Kanders, Chairman and CEO of Cadre, said, “We are excited to partner with Jason and Jane and welcome them as significant shareholders in Cadre. They have done an outstanding job building TYR Tactical into an industry leader with gear that always exceeds mission demands. TYR Tactical brings world-class engineering capabilities and a global reach, which importantly includes relationships with key military customers in northern Europe, that we believe will help Cadre unlock new growth opportunities in high-value end markets.”
Mr. Kanders continued, “Along with our recent acquisitions in the nuclear and robotics markets, this transaction reflects our ongoing commitment to expanding our portfolio and enhancing the Company’s market leadership across categories through disciplined M&A. In the last 24 months, including this transaction, we will have deployed over $400 million in pursuit of this strategy, and we continue to see robust M&A pipelines in both the public safety and nuclear markets.”
TYR Tactical has a reputation for innovation, ergonomic design and field-tested durability. Through a substantial investment in cutting-edge pressing and autoclave systems, the company offers a unique ability to manufacture plates and shields engineered with next-generation advanced materials. TYR Tactical is also known for its patented female body armor that addresses the distinct ergonomic needs of female operators without compromising comfort or adding bulk or weight.
Jason Beck, CEO of TYR Tactical, commented, “We share with Cadre a long-standing commitment to innovation, quality, and a life-saving mission. We are excited to partner with the Cadre team and look forward to working together to enhance our ability to serve those who protect us every day. We are extremely proud of our company’s legacy and cannot think of a better way for TYR Tactical to enter its next chapter.”
The transaction is anticipated to close in the first half of 2026, subject to the satisfaction of customary closing conditions. The transaction is expected to be financed with cash available on Cadre’s balance sheet and borrowings under its senior credit facility.