Cadre to acquire TYR Tactical for $175M

Cadre (CDRE) Holdings announced it has entered into a definitive agreement to acquire TYR Tactical, a global manufacturer of tactical gear and equipment for military, law enforcement, and government agencies worldwide. The addition of TYR Tactical, which produced approximately $92.6 million of revenue in the year ended December 31, 2024, is expected to be immediately accretive to earnings and adjusted EBITDA margins. The total consideration is $175.0 million, including $150.0 million of cash at closing and $25.0 million of Cadre common stock1, of which $1.0 million will be in the form of restricted stock unit awards to be granted to certain employees of TYR Tactical. In addition, the seller will be eligible to receive up to $25.0 million in additional contingent earn-out consideration, payable in cash, unregistered shares of common stock, or a combination thereof, at the company’s discretion, based on the achievement of specified net revenue targets for the calendar years 2026, 2027, and 2028. As part of the transaction, the company will acquire certain real property owned by an affiliate of TYR Tactical. The transaction is anticipated to close in the first half of 2026, subject to the satisfaction of customary closing conditions. The transaction is expected to be financed with cash available on Cadre’s balance sheet and borrowings under its senior credit facility.