Cadre Holdings, a renowned manufacturer and distributor of safety equipment for law enforcement, military, nuclear, and first-responder markets, announced today the signing of a definitive agreement to acquire TYR Tactical, a family-owned manufacturer specializing in high-performance tactical gear. The transaction underscores Cadre’s ambition to broaden its mission-critical product offerings and accelerate growth in overseas military markets.
TYR Tactical generated approximately $92.6 million in revenue for the 12 months ended December 31, 2024. Under the terms of the agreement, Cadre will pay a total consideration of $175 million: $150 million in cash at closing and $25 million in Cadre common stock, including $1 million in restricted stock units to be awarded to certain TYR Tactical employees. In addition, the sellers may receive up to $25 million in contingent earn-out payments, payable in cash, unregistered common stock, or a combination thereof, based on net-revenue milestones in calendar years 2026, 2027, and 2028. Cadre will also acquire certain real property owned by a TYR Tactical affiliate.
TYR Tactical, founded in 2010 by Jason and Jane Beck, is headquartered in Peoria, Arizona, and serves global military, law enforcement, and government customers. Its product lineup includes advanced plate carriers, vests, hard-armor panels, shields, and tactical accessories designed for high-risk operational environments. The company is recognized for its innovation in fabrication technologies, including pressing and autoclave systems, as well as its ergonomic design, exemplified by its patented female body-armor solutions.
Cadre indicated that the acquisition is expected to be immediately accretive to earnings and adjusted EBITDA margins, advancing its strategic focus on mission-critical products with high margins and strong cash flow profiles. The deal is slated to close in the first half of 2026, subject to customary closing conditions.
The financing will be sourced from available cash on Cadre’s balance sheet, along with borrowings under its senior credit facility.
The acquisition is also described as providing Cadre with a significant entry into new markets, particularly among European military and defense customers, while complementing its recent acquisitions in the nuclear and robotics sectors. Over the last 24 months, including this transaction, Cadre reports deploying more than $400 million in pursuit of its expansion strategy through disciplined mergers and acquisitions.
KEY QUOTES:
“We are excited to partner with Jason and Jane and welcome them as significant shareholders in Cadre. They have done an outstanding job building TYR Tactical into an industry leader with gear that always exceeds mission demands. TYR Tactical brings world-class engineering capabilities and a global reach, which importantly includes relationships with key military customers in northern Europe, that we believe will help Cadre unlock new growth opportunities in high-value end markets.”
“Along with our recent acquisitions in the nuclear and robotics markets, this transaction reflects our ongoing commitment to expanding our portfolio and enhancing the Company’s market leadership across categories through disciplined M&A. In the last 24 months, including this transaction, we will have deployed over $400 million in pursuit of this strategy, and we continue to see robust M&A pipelines in both the public safety and nuclear markets.”
Warren B. Kanders, Chairman and Chief Executive Officer, Cadre Holdings
“We share with Cadre a long-standing commitment to innovation, quality, and a life-saving mission. We are excited to partner with the Cadre team and look forward to working together to enhance our ability to serve those who protect us every day. We are extremely proud of our company’s legacy and cannot think of a better way for TYR Tactical to enter its next chapter.”
Jason Beck, Chief Executive Officer, TYR Tactical
