Expands Nuclear Safety Vertical with Highly
Complementary Businesses
Increases Geographic Footprint and Provides
Entry into New Nuclear Safety Categories
Management Will Host a Conference Call Tomorrow
at 8:30 a.m. ET to Discuss the Transaction
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 Carr's Engineering
Limited (excluding Chirton Engineering) and Carr's Engineering
(US), Inc. (together the “Engineering Division”), each a subsidiary
of Carr’s Group plc (“Carr’s Group”), for an enterprise value of
£75 million payable in cash at completion.
The Engineering Division is comprised of industry-leading brands
including Wälischmiller GmbH, CarrsMSM, Bendalls Engineering, NW
Total Engineered Solutions, and NuVision Engineering, Inc. With
sites in the United Kingdom, Germany and the United States, the
Engineering Division designs, manufactures and services equipment,
vessels, precision components and remote handling systems for
nuclear end-markets. The brands within the Engineering Division are
highly complementary to Cadre’s nuclear safety business and, upon
closing, will both expand the Company’s presence in international
markets and provide entry into new product categories within the
nuclear market segment. The Engineering Division generated
approximately £51 million in revenues for the fiscal year ended
August 31, 2024. Current leadership teams are expected to remain
with the businesses.
Warren B. Kanders, Chairman and CEO of Cadre, said, “We are
pleased to strengthen our market-leading safety platform with the
agreement to acquire the Engineering Division from Carr’s Group.
Consistent with our strategic plan to scale Cadre’s nuclear safety
vertical, these businesses will expand our international footprint
and grow our reach into the nuclear market with entry into
automation, robotics and nuclear medicine. These are best-in-class
brands at the forefront of nuclear safety that manufacture highly
engineered products supporting mission-critical initiatives with
deeply established customer relationships and compelling growth
opportunities. The Engineering Division derives the majority of its
revenue outside the United States and is expected to provide Cadre
with a more balanced revenue split globally in the nuclear
market.”
Brad Williams, President of Cadre added, “In 2024, we delivered
on an objective we set at the time of our IPO, diversifying our
platform and establishing a nuclear safety vertical adjacent to our
core military and law enforcement safety focus. We continue to
believe in the consistent growth profile of the nuclear safety
sector, which is underpinned by strong evolving global demand from
energy, defense and nuclear waste tailwinds. This transaction
represents an important next step in scaling the vertical and we
anticipate additional opportunities to augment growth through
select acquisitions in line with our key criteria. Moving forward,
we will continue to lean on the Cadre operating model to drive
improvements in our businesses and remain well positioned to build
on our track record of value creation and enhance our market
leadership over the long term.”
The Engineering Division is split across Robotics, U.K.
Engineering, and U.S. Engineering. The Wälischmiller GmbH and
CarrsMSM businesses make up the Robotics business, specializing in
remote handling robotics and manipulators for the nuclear sector
with customers primarily based in the U.S., Europe and Japan. These
products are relied upon to improve safety and efficiency by
reducing human exposure to hazardous environments. Importantly, the
Wälischmiller brand will expand Cadre’s nuclear safety
capabilities, offering solutions and applications for new
end-markets including fusion, nuclear medicine, research, and clean
energy. U.K. Engineering includes Bendalls Engineering and NW
Total, which focuses on large scale engineering and fabrication
services to the nuclear sector, as well as mechanical systems
maintenance in nuclear testing facilities. NuVision Engineering
comprises U.S. Engineering, which designs, tests and deploys
advanced process systems that address core issues in the commercial
nuclear and nuclear waste management markets.
The transaction is anticipated to close in the first half of
2025, subject to the satisfaction of customary closing conditions,
and is expected to be funded through available cash on the
Company’s balance sheet and its credit facility.
Conference Call Management will host a conference call
tomorrow, January 16, 2025, at 8:30 a.m. ET to discuss the
transaction. To participate in the call, please dial 800-715-9871
(domestic) or 646-307-1963 (international). The passcode is
3272793. Please dial into the call at least five minutes before the
scheduled start time. The conference call will also be available
via a live listen-only webcast and can be accessed through the
Investor Relations section of Cadre’s website,
https://www.cadre-holdings.com. For interested individuals unable
to join the live conference call, a replay of the call will be
available through January 30, 2025 at 800-770-2030 or 609-800-9909
(international). The passcode for the call and replay is 3272793.
An online archive of the webcast will be available on the Company’s
website.
About Cadre Headquartered in Jacksonville, Florida, Cadre
is a global leader in the manufacturing and distribution of safety
products. 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, duty gear and nuclear safety products. Our
highly engineered products are utilized in over 100 countries by
federal, state and local law enforcement, fire and rescue
professionals, explosive ordnance disposal teams, and emergency
medical technicians. Our key brands include Safariland® and
Med-Eng®, amongst others.
About Carr's Group plc Carr's is a leading manufacturer
and provider of value added products and solutions, with market
leading brands and robust market positions in Agriculture and
Engineering, supplying customers around the world. Carr’s operates
a business model that empowers operating subsidiaries enabling them
to be competitive, agile, and effective in their individual markets
whilst setting overall standards and goals.
The Agriculture Division manufactures and sells research proven
livestock supplements in block, bagged mineral and bolus
formats.
The Engineering Division manufactures vessels, precision
components and remote handling systems, and provides specialist
engineering services, for the nuclear, defence and oil and gas
industries.
Forward-Looking Statements Please note that in this press
release we may use words such as “appears,” “anticipates,”
“believes,” “plans,” “expects,” “intends,” “future,” and similar
expressions which constitute forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are made
based on our expectations and beliefs concerning future events
impacting the Company and therefore involve a number of risks and
uncertainties. We caution that forward-looking statements are not
guarantees and that actual results could differ materially from
those expressed or implied in the forward-looking statements.
Potential risks and uncertainties that could cause the actual
results of operations or financial condition of the Company to
differ materially from those expressed or implied by
forward-looking statements in this release, include, but are not
limited to, the possibility that the transaction contemplated by
the definitive agreement will not be completed on the terms and
conditions, or on the timing, currently contemplated, and that it
may not be completed at all, due to a failure to obtain or satisfy,
in a timely manner or otherwise, required regulatory approvals and
other conditions to the closing of the transaction or for other
reasons, and the failure to complete the transaction which could
negatively impact the price of the Company’s shares of commons
stock or the business, results of operations, and financial
condition of the Company, as well as those risks and uncertainties
more fully described from time to time in the Company's public
reports filed with the Securities and Exchange Commission,
including under the section titled “Risk Factors” in the Company's
Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q,
as well as in the Company’s 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250115818116/en/
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
Cadre (NYSE:CDRE)
過去 株価チャート
から 12 2024 まで 1 2025
Cadre (NYSE:CDRE)
過去 株価チャート
から 1 2024 まで 1 2025
