Adds new Service capabilities, expands market penetration to the life sciences market and strengthens Distribution sales platform
ROCHESTER, NY, February 24, 2020 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and valueadded distributor of professional grade handheld test, measurement and control instrumentation, announced it has acquired substantially all of the assets of TTE Laboratories, Inc. (“TTE") including the URL, www.pipettes.com, effective February 21, 2020.
Founded in 1989 and based in Boston, MA, TTE provides a broad range of pipette services, from ISO 17025 and 8655 compliant calibration to repair, refurbishment or replacement, calibration management and user training, as well as selling a broad line of pipette equipment and supplies. They predominantly serve the life sciences market, including biotech and pharmaceutical, as well as R&D labs and universities. TTE has approximately $8.0 million in annual revenue, roughly split 60/40 between calibration service revenue and product sales.
“This is a synergistic opportunity that fits very well from a strategic perspective. TTE provides us important new Service capabilities in high quality pipette calibration for our targeted life sciences market and increases our presence in New England, which is one of the top life science regions in North America. We also expect TTE to strengthen our Distribution sales platform with incremental product sales through their growing e-commerce website, www.pipettes.com,” commented Lee D. Rudow, Transcat’s President and CEO. “We are very pleased to welcome the TTE team to Transcat and are excited to add their expertise to strengthen our service offerings throughout North America and to offer the full suite of Transcat calibration services and products to TTE’s customers.”
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, including life science, aerospace and defense, pharmaceutical, medical device manufacturing and biotechnology. Transcat provides permanent and periodic on-site services, mobile calibration services and in-house services through 21 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada. 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 its 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
Phone: (585) 563-5766
Deborah K. Pawlowski, Investor Relations
Phone: (716) 843-3908