Categories Industrials, IPO

IPO News: What to know when Cadre Holdings goes public this week

Cadre will offer 7.1 million shares at a price range of $16 to $19 per share

The IPO market is having a remarkable year as several companies line up to go public. This week will see Cadre Holdings join the group. Here are a few things to note about the body armor maker’s initial public offering:

IPO details   

Cadre Holdings Inc. is slated to go public on Thursday, August 5. The company will begin trading on the New York stock Exchange under the ticker symbol CDRE. Cadre will offer 7.1 million shares at a price range of $16 to $19 per share to raise $125 million. The IPO will be managed by a group of underwriters led by Stifel and Raymond James.

Company intro

Cadre Holdings manufactures and distributes safety and survivability equipment for first responders. The company sells a range of products that include body armor, explosive ordnance disposal equipment, uniforms, boots and ammunition. Its user base includes first responders in law enforcement, fire and rescue, and federal agencies among others.  

Cadre was founded in 1964 and has 2,533 employees. The company has a footprint that spans over 104 countries across North America, Europe and other regions. It has a large customer base and its top 10 customers represent approx. 26% of its sales.

Over 80% of the company’s product line has mandatory refresh cycles of between seven and ten years, which gives it a recurring revenue stream. Cadre sells its products through distributors and its customers fall into four categories – US state and local agencies, US federal agencies, international, and commercial. Approx. 57% of its net sales for 2020 came from US state and local agencies.


Cadre generated net sales of $404.6 million in 2020, which was down around 4% from 2019 mainly due to the sale of the Mustang Survival unit. The company reported a net income of $38.4 million for 2020 versus a net loss of $1.9 million in 2019.

Market opportunity

The US Bureau of Labor Statistics projects the number of law enforcement personnel in the country to increase by 5% over the 10-year period from 2019 to 2029. Demand for safety equipment is driven by increasing law enforcement budgets, which have grown significantly on a per capita basis since 2000.

Cadre Holdings estimates the annual addressable market for soft body armor in 2020 to be approx. $870 million. Explosive ordnance disposal equipment is estimated to have an addressable market of approx. $245 million over the 7 to 10-year life cycle of the products’ installed base. The annual addressable market for holsters is estimated to be approx. $380 million.

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