JACKSONVILLE, Fla.–(BUSINESS WIRE)–Cadre Holdings, Inc., a global leader in the manufacturing and distribution of safety and survivability equipment for first responders, today announced it has entered into a definitive agreement to acquire Cyalume Technologies, a leading manufacturer of proprietary chemical illumination solutions for military, first responder and other commercial applications. Cyalume’s current management team will remain with the business.
Headquartered in West Springfield, Massachusetts, with roots tracing back to the origins of chemical illumination over 60 years ago, Cyalume is a world leader in chemical light solutions, providing light sticks, chemi-luminescent ammunition and infra-red devices to the U.S. and NATO military forces, among other commercial and law enforcement markets. As the leading supplier of chemical light products to the U.S. Department of Defense, NATO and Allied Nations, Cyalume is entrenched in combat and recurring military training applications and offers unique technological and engineering capabilities. The business is expected to generate approximately $25 million in pro forma revenues for the calendar year ending December 31, 2022.
Warren B. Kanders, Chairman and CEO of Cadre, said, “We are pleased to enter into an agreement for our second accretive acquisition since going public less than six months ago. I have followed Cyalume for over two decades and have always been impressed by its deep competency delivering a portfolio of diverse, proprietary illumination products to military and law enforcement end markets, which perfectly aligns with our life-saving mission, as well as our focus on acquiring high margin companies with leading market positions and strong recurring revenues and cash flows. We look forward to seeking to expand Cyalume’s product penetration across new military and commercial markets.”
The purchase price for the acquisition is $35.0 million, subject to customary adjustments for net working capital, transaction expenses and indebtedness. The transaction is anticipated to close in May 2022, subject to the satisfaction of customary closing conditions, and is expected to be funded through available cash on the Company’s balance sheet and a draw on its existing credit facilities.
About Cadre
Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety and survivability products for first responders. Cadre’s equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company’s core products include body armor, explosive ordnance disposal equipment, and duty gear. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland® and Med-Eng®, amongst others.
