Transcat Announces Management Changes
Michael J. Tschiderer, Chief Financial Officer, plans to retire in Fall of 2020 James M. Jenkins, J.D., to join as General Counsel and Vice President of Corporate Development
Rochester, NY, July 29, 2020 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, announced leadership changes. Michael J. Tschiderer, Vice President of Finance and Chief Financial Officer, has announced his interest in retiring this Fall and will support the transition to a new CFO. The Company has initiated an executive search for his successor.
Commenting on his decision to retire, Mr. Tschiderer noted, “These have been exciting years of growth for Transcat and I have been honored to have been a part of the leadership team that has made that happen. In the last nearly five years, we have executed well on our strategy to develop our Services business with a focus on Life Sciences. During those years, we completed numerous acquisitions and grew nearly 40% while our market cap tripled as we increased institutional ownership and picked up the coverage of six research analysts. Looking forward, I have great confidence in Transcat’s future of continued growth and success.”
“Mike has been a vital member of the team and a respected leader whose insights and perspective helped shape our strategy,” said Lee D. Rudow, President and CEO. “I am grateful for his contributions since joining Transcat in 2015 and his flexibility in planning his retirement to provide adequate time to transition his responsibilities. We wish him well in his retirement.”
The Company also announced that James M. Jenkins, J.D., will join Transcat as General Counsel and Vice President of Corporate Development effective September 14, 2020. In addition to the responsibilities of corporate counsel, Mr. Jenkins will lead the acquisition strategy for Transcat to grow both core and ancillary businesses.
Mr. Rudow added, “Jim’s deep expertise and growth mindset, paired with his extensive experience working as Transcat’s outside counsel, make him the ideal choice to lead our acquisitive growth initiatives. With Jim on board, we expect that we can accelerate our efforts to further our market penetration in the regulated calibration industry.”
Mr. Jenkins is a partner with Harter Secrest & Emery LLP. He heads their Securities practice area, and is Partner in Charge of the firm’s New York City office. He has represented a broad variety of clients in corporate governance, mergers and acquisitions, and general corporate law and securities law matters, and has served as Transcat’s outside general counsel since 2001. He is recognized as one of the top corporate and mergers and acquisitions attorneys by Chambers USA (2015-2020). Mr. Jenkins is a member of the board of directors for Lakeland Industries, Inc. (Nasdaq: LAKE). A graduate of the Virginia Military Institute, summa cum laude, and Valedictorian of his class, he obtained his juris doctorate from the West Virginia University College of Law.
About Transcat
Transcat, Inc. is a leading provider of accredited calibration, repair, inspection and laboratory instrument 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 22 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada, and services at 20 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 the complementary nature of its two operating segments, its comprehensive service capabilities, strong brand, enhanced e-commerce capabilities 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.
For More Information, Contact:
Michael J. Tschiderer
Chief Financial Officer
585-563-5766
mtschiderer@transcat.com
Deborah K. Pawlowski
Investor Relations
716-843-3908
dpawlowski@keiadvisors.com
