Safariland parent Cadre Holdings Inc. planning IPO

The Jacksonville-based security products company plans to sell up to $144 million in stock.

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  • | 7:20 p.m. July 12, 2021
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A Jacksonville-based security products company that was formerly part of publicly traded Armor Holdings Inc. is planning an initial public offering.

Cadre Holdings Inc., which does business mainly under the name Safariland Group, filed a registration statement July 12 with the Securities and Exchange Commission to sell up to $144 million in stock.

Cadre produces safety and survivability products for law enforcement, military and first responder markets.

The business was part of Armor Holdings Inc., a Jacksonville-based company that became a major military contractor and was sold for $4.5 billion to BAE Systems Inc. in 2007.

Former Armor CEO Warren Kanders led an investor group that bought back the business that focused on bullet-proof vests and other law enforcement gear from BAE for $124 million in 2012.

The business expanded with 12 acquisitions between 2012 and 2017.

Kanders remains CEO of that business, now known as Cadre, which is headquartered at the former Armor Holdings facility at the Jacksonville International Tradeport.

After the IPO, Kanders will retain 51% of the voting power of the company, according to the SEC filing.

Cadre had revenue of $110.5 million and net income of $6.9 million in the first quarter this year.

Besides its Jacksonville operations, Cadre has facilities in five other U.S. cities and in three Canadian locations, one in Mexico, two in the United Kingdom and one in Lithuania.

The company had 2,533 total employees as of March 31.

Cadre expects to list its shares on the New York Stock Exchange under the ticker “CDRE.”