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Jax Daily Record Friday, Oct. 29, 202108:42 AM EST

Cadre Holdings tries again for initial public offering

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The Jacksonville manufacturer of safety products for first responders will sell stock at $12-$14 each.
by: Mark Basch Contributing Writer

After withdrawing its planned initial public offering in August, Cadre Holdings Inc. is trying again at a much lower price.

The Jacksonville-based company said in an Oct. 28 Securities and Exchange Commission filing it intends to sell 5.77 million shares of stock at $12 to $14 each.

Cadre previously said in its IPO filings it wanted to sell 7.1 million shares at $16 to $19 each. However, with the IPO market cooling off, the company called off the deal Aug. 5 as the stock sale was expected to reach the market.

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

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

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.

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

Two other Jacksonville-based companies called off plans for IPOs as the stock sales were about to hit the market.

Southeastern Grocers Inc., parent of Winn-Dixie and three other supermarket chains, canceled its IPO in January and has not filed any plans to try again.

Specialty insurance company Fortegra Group Inc. withdrew its IPO in April. 

Fortegra’s parent company, Tiptree Inc., announced Oct. 12 that investment firm Warburg Pincus bought a 24% stake in Fortegra. The agreement with Warburg Pincus calls for the company to consider an IPO again but likely not for a couple of years.

Two Jacksonville area companies completed IPOs this year.

Homebuilder Dream Finders Homes Inc. completed its IPO in January and medical device company Treace Medical Concepts Inc. launched its IPO in April.

Cadre has not said when it expects to bring its IPO to the market. But the filing of pricing terms indicates the stock sale could be just days away.

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