Cadre Acquires Italy-Based Duty Gear Business Radar For Undisclosed Sum

Cadre Holdings Inc 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.