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Basch Report
Jax Daily Record Thursday, Nov. 4, 202108:36 AM EST

Cadre Holdings stock starts trading on NYSE

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The Jacksonville company, which makes safety products for law enforcement, priced shares at $13 each.
by: Mark Basch Contributing Writer

Cadre Holdings Inc. priced its initial public offering of 6 million shares of stock at $13 each, and the stock will begin trading Nov. 4 on the New York Stock Exchange.

The price was at the midpoint of the $12 to $14 range Cadre indicated in an Oct. 28 registration statement filed with the Securities and Exchange Commission. However, the Jacksonville-based company increased the number of shares from 5.77 million indicated in that statement.

Cadre had tried to go public in August with a bigger IPO of 7.1 million shares of $16 to $19 each. However, the company canceled its planned sale as the IPO market cooled off in the summer.

Cadre, which does business mainly under the name Safariland, makes safety and survivability products for the law enforcement, first responder and military markets.

The business formerly was part of Jacksonville-based Armor Holdings Inc., which was sold to BAE Systems Inc. for $4.5 billion in 2007.

Former Armor CEO Warren Kanders led an investor group that bought the law enforcement products business back from BAE for $124 million in 2012.

The $13 IPO price values the company at more than $430 million.

Kanders, CEO of Cadre, will still control 77% of the company’s stock after the IPO, according to its latest filings.

Cadre expects net proceeds of $68 million from the IPO, which it will use in part to repay debt.

Cadre reported sales of $225 million and earnings of $13.7 million in the first half of this year.

Its stock will trade under the ticker symbol “CDRE.” 

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