Transcat Extends Its Professional Services Business With Acquisition of SteriQual, Inc.
12 Julho 2023 - 10:00AM
Business Wire
Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a
leading provider of accredited calibration services, enterprise
asset management services, and value-added distributor of
professional grade handheld test, measurement and control
instrumentation, announced that it has purchased all of the capital
stock of privately-held SteriQual, Inc. (SteriQual), effective July
12, 2023. The purchase price of $4.25 million was paid in Company
stock and is subject to certain holdback provisions.
Founded in 2017, SteriQual provides expert consulting services
to pharmaceutical, biopharmaceutical, medical device, and
diagnostic equipment manufacturers. Specializing in commissioning,
qualification and validation (“CQV”); process engineering;
facilities engineering: quality engineering and assurance; and
project management, SteriQual provides critical support to its
customers engaged in new facility start-ups, modifications to
existing facilities/processes, regulatory inspections, and
remediations. Existing leadership and staff will remain onboard and
will continue to service customer needs.
“I am pleased to announce the acquisition of SteriQual. Although
not a large acquisition, it is strategic in that it is the initial
“bolt-on” to the Nexa Enterprise Asset Management business, that
has been quite successful since we acquired it in fiscal 2022 and
it is the first acquisition that further builds out our
Professional Services footprint, providing additional capability
and significant industry know-how in the CQV space. Additionally,
this acquisition bolsters the NEXA Single Source Solution (NS3)
model, enabling the execution of the vast majority of the scope
surrounding the engineering needs required for capital projects
under a single entity,” commented Lee Rudow, President and Chief
Executive Officer. “Based on our experience with growing Nexa and
the demand we are seeing in the marketplace, we believe that
SteriQual is the perfect fit for Nexa and Transcat and we are
confident that it further enhances our overall value proposition,
that is already a significant differentiator as we pursue
incremental business with new and existing customers.”
ABOUT TRANSCAT
Transcat, Inc. is a leading provider of accredited calibration,
reliability, maintenance optimization, quality and compliance,
validation, Computerized Maintenance Management System (CMMS), and
pipette services. The Company is focused on providing best-in-class
services and products to highly regulated industries, particularly
the Life Science industry, which includes pharmaceutical,
biotechnology, medical device, and other FDA-regulated businesses,
as well as aerospace and defense, and energy and utilities.
Transcat provides periodic on-site services, mobile calibration
services, pickup and delivery, in-house services at its 27
Calibration Service Centers strategically located across the United
States, Puerto Rico, Canada, and Ireland. In addition, Transcat
operates calibration labs in 21 imbedded customer-site locations.
The breadth and depth of measurement parameters addressed by
Transcat’s ISO/IEC 17025 scopes of accreditation are believed to be
the best in the industry.
Transcat also operates as a leading value-added distributor that
markets, sells and rents new and used national and proprietary
brand instruments to customers primarily in North America. The
Company believes its combined Service and Distribution segment
offerings, experience, technical expertise, and integrity create a
unique and compelling value proposition for its customers.
Transcat’s strategy is to leverage its strong brand and unique
value proposition that includes its comprehensive instrument
service capabilities, enterprise asset management, and leading
distribution platform to drive organic sales growth. The Company
will also look to expand its addressable calibration market through
acquisitions and capability investments to further realize the
inherent leverage of its business model. More information about
Transcat can be found at: Transcat.com.
Safe Harbor Statement This news release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of historical fact and thus are
subject to risks, uncertainties and assumptions. Forward-looking
statements are identified by words such as “expects,” “estimates,”
“projects,” “anticipates,” “believes,” “could,” “plans,” “aims” and
other similar words. All statements addressing operating
performance, events or developments that Transcat, Inc. expects or
anticipates will occur in the future, including but not limited to
statements relating to anticipated revenue, profit margins, the
Company’s response to the coronavirus (COVID-19) pandemic, the
commercialization of software projects, sales operations, capital
expenditures, cash flows, operating income, growth strategy,
segment growth, potential acquisitions, integration of acquired
businesses, market position, customer preferences, outlook and
changes in market conditions in the industries in which Transcat
operates are forward-looking statements. Forward-looking statements
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties include those
more fully described in Transcat’s Annual Report and Quarterly
Reports filed with the Securities and Exchange Commission,
including under the heading entitled “Risk Factors.” Should one or
more of these risks or uncertainties materialize, or should any of
the Company’s underlying assumptions prove incorrect, actual
results may vary materially from those currently anticipated. In
addition, undue reliance should not be placed on the Company’s
forward-looking statements, which speak only as of the date they
are made. Except as required by law, the Company disclaims any
obligation to update, correct or publicly announce any revisions to
any of the forward-looking statements contained in this news
release, whether as the result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230712759743/en/
Linda Reynolds Executive Assistant 35 Vantage Point Drive
Rochester, NY 14624 Phone: 585.866.1969
Email: linda.reynolds@transcat.com
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