Cadre Holdings Overview - Cadre is transforming from a public safety company to a diversified industrial company focused on highly engineered safety products in stable markets[7] - The company estimates its core Law Enforcement (LE) business has an annual Serviceable Addressable Market (SAM) of approximately $2 billion[8] - Cadre's diversified industrial focus, including domestic nuclear, expands the annual SAM to approximately $5-8 billion[8] - Cadre's revenue for FY2024 was $568 million, with an aspiration for 3-5% organic growth supplemented by $100 million in annual M&A[40] - The company's adjusted EBITDA for FY2024 was $105 million, representing an 18.5% margin, with an aspiration for mid-20s% adjusted EBITDA margin[40] Cadre Nuclear Group - Cadre Nuclear Group was formed through the acquisition of Alpha Safety in March 2024 and Carr's Engineering Division in April 2025[44, 45] - Cadre Nuclear Group had £51 million in revenue for FY2024 (ended August 31, 2024)[46] - The Waste Isolation Pilot Plant (WIPP) shipment expectations create a robust, federal-backed, multi-year demand environment, with a budget of ~$600 million in 2025 versus $350 million in 2020[58] Contracts and Awards - Med-Eng was awarded a $50 million Indefinite Delivery Indefinite Quantity (IDIQ) contract with the Department of Defense for a Blast Exposure Monitoring System (BEMO)[26, 28]