- Cadre Holdings Inc (NYSE:CDRE) has agreed to acquire Radar Leather Division S.r.l. from the leadership team of Pietro and Paolo Pellegrini. Deal terms were not disclosed.
- Radar, established in 1957 by Gisberto Pellegrini, is based in Fucecchio, Italy. It is a family-owned duty gear business specializing in producing holsters, belts, duty belts, and other accessories. It generates the majority of its revenue in Europe.
- Radar CEO Pietro Pellegrini and Vice President Paolo Pellegrini will remain with the business and help further grow and develop the business alongside Cadre's subsidiary, Safariland LLC.
- "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," said Warren B. Kanders, Chairman and CEO of Cadre.
- Cadre expects the transaction to close in January 2022. It held cash and equivalents of $15.3 million as of September 30, 2021.
- Price Action: CDRE shares traded higher by 3.29% at $21.35 on the last check Wednesday.
