Cadre to acquire ICOR Technology

Cadre Holdings announced it has entered into a definitive agreement (the “Agreement”) to acquire ICOR Technology Inc. (“ICOR”), a leading manufacturer and distributor of explosive ordnance disposal (“EOD”) robots and specialized protective security equipment for EOD and military organizations worldwide, including SWAT and Chemical, Biological, Radiological, Nuclear, and high-yield Explosives (CBRNE) teams. Headquartered in Ottawa, Ontario, strategically located near the national headquarters of the Canadian Department of National Defence and the Royal Canadian Mounted Police, ICOR is a trusted global supplier of high-quality, reliable, innovative, and cost-effective EOD robots to law enforcement agencies throughout the world. ICOR offers a complete suite of robots in varied sizes ranging from compact and versatile to heavy duty with strong towing capabilities that can respond to virtually any mission-critical situation, with additional revenues derived from training, support and complementary tactical products and tools that can assist technician teams in their interventions. Consistent with Cadre’s strategic focus, ICOR’s products provide users the critical protection they need to safely perform their duties and protect those around them in hazardous or life-threatening situations, such as countering IEDs, handling suspicious packages and hazardous materials. The business generated approximately $26 million CAD in revenues for the fiscal year ending July 31, 2023. Warren B. Kanders, Chairman and CEO of Cadre, said, “We are pleased to enter into the Agreement to acquire ICOR, meeting our established M&A criteria. With a leading market position, high margins, compelling macroeconomic trends, and resiliency through cycles, ICOR is an ideal add-on to Cadre’s EOD business. Importantly, the addition of ICOR will meaningfully expand our ability to provide mission-critical EOD robots to law enforcement agencies and military organizations, which is an area that we are intimately familiar and supported by anticipated strengthening tailwinds. Taking advantage of Cadre’s scale and extensive sales channels, we expect to further penetrate ICOR’s key markets and look forward to partnering with the team there to capitalize on these growth opportunities.” The transaction is anticipated to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions, and is expected to be funded through available cash on the Company’s balance sheet and potentially a draw on its existing undrawn revolving credit facility.