Cadre Holdings IPO Presentation Deck
ACQUISITIONS
Targeting 1-4 acquisitions per year, adding $50-100mm in annualized revenue per year
HISTORY OF SUCCESSFUL M&A EXECUTION AT CADRE
SAFARILAND
ROBUST M&A PIPELINE
Target
D
G
H
1
K
M
0
R
S
CADRE
HOLDINGS
Armor-Armor Systems
Armor-Body Armor
Armor-Body Armor
Armor-Body Armor
Category Focus
Duty Gear -Lighting Products
Duty Gear Lighting Products
Duty Gear - Thermal Imaging
Armor-Helmets
Duty Gear Holsters
EOD-CIED Solutions
MED-ENG
Industrial Safety - Fall Protection
Fire and EMS- Emergency Equipment
Duty Gear Hearing Protection
Duty Gear- Hearing Protection
Industrial Safety-Eyewear
Industrial Safety - Rescue Equipment
Duty Gear -Lighting Products
Duty Gear - Thermal Imaging
Other Survival Equipment
Other - Survival Equipment
SECOND
CHANCE
BIANCHI
ROGERS
Est. Sales ($MM)
50
120
55
PSP
85
540
250
Europe
Europe
Europe
15
US
70
US
50
US
45 US
20
Europe
13 Europe
40
Canada
20
200
40
20
150
75
25
US
US and Europe
Europe
US
Global
US
Global
Europe
Global
Global
European
Holster Company
Geographies
CADRE'S KEY M&A CRITERIA
Business
#1 or #2 market position
Cost structure where material > labor
High cost of substitution
Leading and defensible technology
Mission-critical to customer
Strong brand recognition
Financial
Recurring revenue profile
Asset-light
Attractive ROIC
Market
Niche market
No large-cap competition
Resiliency through market cycles
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