JACKSONVILLE, Fla. — December 22, 2021 — Cadre Holdings Inc., a global manufacturer and distributer of safety and survivability equipment for first responders, with core products that include body armor, explosive ordnance disposal equipment, and duty gear, announced today the signing of a definitive agreement to acquire the stock of Radar Leather Division S.r.l. from the leadership team of Pietro and Paolo Pellegrini. Pietro Pellegrini, CEO of Radar, and Paolo Pellegrini, vice president of Radar, will remain with the business and partner with the team at Cadre to further grow and develop the business alongside Cadre’s wholly owned subsidiary, Safariland LLC.
Established in 1957 by Gisberto Pellegrini and based in Fucecchio, Italy, Radar is a premiere family-owned duty gear business that specializes in the production of high-quality holsters, belts, duty belts, and other accessories. Radar generates the majority of its revenue in Europe, selling its products through distribution partners and directly to agencies.
Warren B. Kanders, Chairman and CEO of Cadre, said: “This marks our first acquisition following the Company’s initial public offering and is consistent with the strategy we laid out to investors both during the offering process and since. Radar is a well-established duty gear brand with leading market shares and a reputation for innovation, safety, and quality. This acquisition grows our international presence and provides the company another EU foothold, further diversifying our footprint and providing multiple growth avenues. We are pleased to welcome Pietro and Paolo to our team, and we look forward to a successful future together.”
Pietro Pellegrini, CEO of Radar, commented: “Paolo and I are very proud of the legacy our family has built with Radar, and we are excited to join forces with Cadre and Safariland. Safariland’s reputation for innovation, quality, and service is outstanding, and we believe that Radar and Safariland together will be stronger. We remain personally engaged and committed to providing law enforcement, military, and other first responder professionals with the best equipment available and seeing Radar flourish in its next chapter.”
Kanders continued, “We expect this transaction to be immediately accretive for our shareholders, and we are well-positioned to execute our growth strategy focused on organic and acquisition initiatives.”
Terms of the transaction were not disclosed. The transaction is expected to close in January 2022, subject to the satisfaction of customary closing conditions.
Posted: December 22, 2021
Source: Cadre Holdings, Inc.