Houlihan Lokey Advises Cadre Holdings
Houlihan Lokey is pleased to announce that Cadre Holdings, Inc. (NYSE:CDRE; Cadre or the company) has acquired multiple leading nuclear brands from Carr’s Group PLC (Carr’s Group). The acquisition further scales Cadre’s nuclear safety vertical, expands its international footprint, and extends the company’s reach into the nuclear market with entry into automation, robotics, and nuclear medicine. The transaction closed on 22 April 2025.
Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military, and nuclear markets. 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 armour, explosive ordnance disposal equipment, duty gear, and nuclear safety products. Cadre’s highly engineered products are used in more than 100 countries by federal, state, and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians.
The acquired businesses include Carr’s Engineering Ltd. (excluding Chirton Engineering) and Carr’s Engineering (U.S.), Inc. (together, the Engineering Division), each a subsidiary of Carr’s Group. The Engineering Division comprises industry-leading brands, including Wälischmiller GmbH, CarrsMSM, Bendalls Engineering, NW Total Engineered Solutions, and NuVision Engineering, Inc. With sites in the U.K., Germany, and the U.S., the Engineering Division designs, manufactures, and services equipment, vessels, precision components, and remote handling systems for nuclear end markets. The brands within the Engineering Division are highly complementary to Cadre’s nuclear safety business and will both expand the company’s presence in international markets and provide entry into new product categories within the nuclear market segment.
The Engineering Division is split across Robotics, U.K. Engineering, and U.S. Engineering. The Wälischmiller GmbH and CarrsMSM businesses make up the Robotics business, specialising in remote handling robotics and manipulators for the nuclear sector, with customers primarily based in the U.S., Europe, and Japan. These products are relied upon to improve safety and efficiency by reducing human exposure to hazardous environments. Importantly, the Wälischmiller brand will expand Cadre’s nuclear safety capabilities, offering solutions and applications for new end markets, including fusion, nuclear medicine, research, and clean energy. U.K. Engineering includes Bendalls Engineering and NW Total Engineered Solutions, which focuses on large-scale engineering and fabrication services to the nuclear sector, as well as mechanical systems maintenance in nuclear testing facilities. NuVision Engineering comprises U.S. Engineering, which designs, tests, and deploys advanced process systems that address core issues in the commercial nuclear and nuclear waste management markets.
Houlihan Lokey provided buyside support on Cadre’s acquisition of Carr’s Group’s Engineering Division, further highlighting the firm’s experience and momentum in the nuclear sector.
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