Cadre Holdings, Inc. manufactures and distributes safety and survivability equipment that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segments, Products and Distribution. It primarily provides body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brands; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective and law enforcement equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products. The company also offers third-party products, such as uniforms, optics, boots, firearms, and ammunition. It serves first responders, such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing, and wildlife enforcement and departments of corrections, as well as federal agencies including the U.S. Department of State, U.S. Department of Defense, U.S. Department of Interior, U.S. Department of Justice, U.S. Department of Homeland Security, U.S. Department of Corrections, and various foreign government agencies. The company was founded in 1964 and is headquartered in Jacksonville, Florida.
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Here are 1-3 brief analogies to describe Cadre:
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A "Lockheed Martin for the individual," specializing in body armor and tactical gear for law enforcement and military personnel.
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A "Stryker for professional safety," providing critical protective gear like body armor and EOD equipment to first responders and military.
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- Body Armor: Provides ballistic vests and plates designed for personal protection for law enforcement and military personnel.
- Duty Gear and Holsters: Manufactures a wide range of essential equipment, including holsters, belts, and pouches, for law enforcement and military use.
- Less Lethal Products: Offers non-lethal tools and munitions used for crowd control and de-escalation in law enforcement and security applications.
- Explosive Ordnance Disposal (EOD) Equipment: Supplies specialized suits, helmets, and robotic systems for bomb disposal and hazardous device mitigation.
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Cadre (CDRE) Major Customers
Cadre (CDRE) operates as a technology-driven real estate investment platform that provides individuals and institutions access to high-quality commercial real estate investments. Its "customers" are primarily the investors who utilize its platform to invest in these opportunities rather than direct buyers of real estate or tenants.
Cadre serves the following categories of investors:
- High-Net-Worth Individuals (HNWIs) / Accredited Investors: These are individuals who meet specific financial criteria, allowing them to participate in private investment offerings through Cadre's platform.
- Family Offices: These are private entities or organizations established to manage the wealth and investments for affluent families, often investing substantial capital into real estate opportunities facilitated by Cadre.
- Institutional Investors: This broad category includes various large organizations such as endowments, foundations, pension funds, and other financial institutions that seek to allocate capital into commercial real estate via Cadre's platform.
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- 3M Company (NYSE: MMM)
- Honeywell International Inc. (NASDAQ: HON)
- MSA Safety Incorporated (NYSE: MSA)
- DuPont de Nemours, Inc. (NYSE: DD)
- Kimberly-Clark Corporation (NYSE: KMB)
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Warren B. Kanders, Chief Executive Officer & Chairman of the Board
Warren B. Kanders has served as Cadre's Chief Executive Officer since April 2012. He has also been a director and Executive Chairman of Clarus Corporation, a NASDAQ-listed company, since 2002. From January 1996 until its sale to BAE Systems plc on July 31, 2007, Mr. Kanders was the Chairman of the Board of Directors and, from April 2003, the Chief Executive Officer of Armor Holdings, Inc., a manufacturer and supplier of military vehicles and safety products.
Blaine Browers, Chief Financial Officer
Blaine Browers was appointed Chief Financial Officer in May 2018. Prior to joining Cadre, Mr. Browers held various roles of increasing responsibility at IDEX Corporation from September 2010 to April 2018, including Group Vice President Finance & IT. He also held positions within General Electric Co. before his time at IDEX.
Brad Williams, President
Brad Williams was appointed Chief Operating Officer in March 2017 and promoted to President in 2019. Before joining Cadre, Mr. Williams served in various roles at IDEX Corporation from June 2010 to March 2017, including President, Material Processing Technologies Group. He also held various positions within Danaher Corporation and Ingersoll-Rand Company.
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The key risks for Cadre Holdings, Inc. (symbol: CDRE) include:
- Regulatory Compliance and Product Liability: Cadre operates in highly regulated markets such as law enforcement, military, and nuclear sectors, subjecting it to extensive government regulations. Non-compliance could significantly restrict operations and result in substantial penalties. Additionally, the inherently risky nature of products like body armor and explosive ordnance disposal equipment exposes the company to significant risks related to product liability and warranty claims.
- Fluctuating Government Budgets: As a primary supplier to government agencies, Cadre's demand for products can vary substantially due to fluctuations in government budgets.
- Intense Competition: Cadre faces an intense competitive landscape, where technological advancements and new product introductions pose a threat if the company cannot adapt quickly.
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Cadre (CDRE) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Strategic Acquisitions: Cadre's strategy of disciplined mergers and acquisitions is a significant growth driver. The recent acquisition of TYR Tactical is expected to bolster capabilities, enhance the company's competitive edge, and unlock new growth opportunities, particularly in high-value end markets with military customers in Northern Europe. This strategy is intended to expand Cadre's product offerings and market reach.
- Innovative Product Launches and Portfolio Expansion: The company attributes growth to innovative product launches, such as the HyperX tactical carrier system, and continued product innovation. Strategic acquisitions also enhance Cadre's portfolio of mission-critical products.
- Increased Demand in Key Public Safety and Defense Markets: Cadre anticipates continued growth driven by increasing demand in public safety, law enforcement, first responder, military, and nuclear markets. This is fueled by rising global safety threats and sustained government investment in protection equipment.
- Capitalizing on Organic Backlog and Previously Delayed Opportunities: The company has reported a sequential increase in its organic backlog, reflecting progress in converting previously delayed opportunities into revenue. While some large order opportunities were deferred to 2026, realizing these can contribute to future growth.
- International Market Expansion: The acquisition of TYR Tactical is specifically mentioned to open new growth avenues, especially within military customer segments in Northern Europe, indicating a focus on expanding Cadre's international presence.
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Share Issuance
- Cadre Holdings completed its initial public offering (IPO) in November 2021.
- The company's shares outstanding increased by 3.36% year-over-year.
- Shares are issued upon the vesting of restricted stock awards.
Inbound Investments
- Cadre Holdings successfully completed its IPO in November 2021.
Outbound Investments
- On October 29, 2025, Cadre Holdings announced the acquisition of TYR Tactical, LLC.
- The total consideration for the TYR Tactical acquisition is $175 million, comprising $150 million in cash and $25 million in stock, with a potential additional contingent earn-out of up to $25 million.
Capital Expenditures
- Expected capital expenditures for the full year 2025 are projected to be in the range of $7 million to $8 million.
- Capital expenditures totaled $5.8 million for the full year 2024.
- Capital expenditures were $7.0 million for the full year 2023.
