Metals reinforced with a high volume fraction of hard particles, e.g., cermets, have properties that are more akin to those of granular media than conventional composites. Here, the mechanical properties and deformation mechanisms of this class of materials are investigated through the fabrication and testing of idealized cermets, comprising steel spheres in a Sn/Pb solder matrix. These materials have a similar contrast in the properties of constituent phases compared to commercial cermets; however, the simpler microstructure allows an easier interpretation of their properties. A combination of X-ray tomography and multiaxial strain measurements revealed that deformation at large strains occurs by the development of shear bands similar to granular media, with the material dilating under hydrostatic pressure within these shear bands. Predictions of finite element models with a random arrangement of inclusions were in excellent agreement with the experimental results of idealized cermets. These calculations showed that at large inclusion volume fractions, composites with a random arrangement of inclusions are significantly stronger compared to their periodic counterparts, due to the development of a network of force chains through the percolated particles.