Cadre Holdings to Acquire Multiple Leading Nuclear Brands including Bendalls Engineering and North West Total

Cadre Holdings, Inc., a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today it has entered into a definitive agreement to acquire Carr's Engineering Limited (excluding Chirton Engineering) and Carr's Engineering (US), Inc. (together the “Engineering Division”), each a subsidiary of Carr’s Group plc (“Carr’s Group”), for an enterprise value of £75 million payable in cash at completion. The Engineering Division is comprised of industry-leading brands including Wälischmiller GmbH, CarrsMSM, Bendalls Engineering, NW Total Engineered Solutions, and NuVision Engineering, Inc. With sites in the United Kingdom, Germany and the United States, the Engineering Division designs, manufactures and services equipment, vessels, precision components and remote handling systems for nuclear end-markets. The brands within the Engineering Division are highly complementary to Cadre’s nuclear safety business and, upon closing, will both expand the Company’s presence in international markets and provide entry into new product categories within the nuclear market segment.

The Engineering Division generated approximately £51 million in revenues for the fiscal year ended August31, 2024. Current leadership teams are expected to remain with the businesses. Warren B. Kanders, Chairman and CEO of Cadre, said, “We are pleased to strengthen our market-leading safety platform with the agreement to acquire the Engineering Division from Carr’s Group. Consistent with our strategic plan to scale Cadre’s nuclear safety vertical, these businesses will expand our international footprint and grow our reach into the nuclear market with entry into automation, robotics and nuclear medicine. These are best-in-class brands at the forefront of nuclear safety that manufacture highly engineered products supporting mission-critical initiatives with deeply established customer relationships and compelling growth opportunities. The Engineering Division derives the majority of its revenue outside the United States and is expected to provide Cadre with a more balanced revenue split globally in the nuclear market.”

Brad Williams, President of Cadre added, “In 2024, we delivered on an objective we set at the time of our IPO, diversifying our platform and establishing a nuclear safety vertical adjacent to our core military and law enforcement safety focus. We continue to believe in the consistent growth profile of the nuclear safety sector, which is underpinned by strong evolving global demand from energy, defense and nuclear waste tailwinds. This transaction represents an important next step in scaling the vertical and we anticipate additional opportunities to augment growth through select acquisitions in line with our key criteria.

Moving forward, we will continue to lean on the Cadre operating model to drive improvements in our businesses and remain well positioned to build on our track record of value creation and enhance our market leadership over the long term.”

The Engineering Division is split across Robotics, U.K. Engineering, and U.S. Engineering. The Wälischmiller GmbH and CarrsMSM businesses make up the Robotics business, specializing in remote handling robotics and manipulators for the nuclear sector with customers primarily based in the U.S., Europe and Japan. These products are relied upon to improve safety and efficiency by reducing human exposure to hazardous environments.

Importantly, the Wälischmiller brand will expand Cadre’s nuclear safety capabilities, offering solutions and applications for new end-markets including fusion, nuclear medicine, research, and clean energy. U.K. Engineering includes Bendalls Engineering and NW Total, which focuses on large scale engineering and fabrication services to the nuclear sector, as well as mechanical systems maintenance in nuclear testing facilities. NuVision Engineering comprises U.S. Engineering, which designs, tests and deploys advanced process systems that address core issues in the commercial nuclear and nuclear waste management markets.

The transaction is anticipated to close in the first half of 2025, subject to the satisfaction of customary closing conditions, and is expected to be funded through available cash on the Company’s balance sheet and its credit facility.