Transcat, Inc. Expands Life Science Market Penetration with BioTek Services, Inc. Acquisition
ROCHESTER, NY, December 16, 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 that it has acquired substantially all of the assets of BioTek Services, Inc. (“BioTek”), effective December 16, 2020. The purchase price was $3.5 million and is subject to certain customary holdback provisions.
Founded in 1998 and headquartered in Richmond, VA, BioTek provides in-house and on-site laboratory instrument calibrations and certification/validation offerings nationally to life science and other regulated industries. With approximately $2.1 million in annual revenue, BioTek offers ISO/IEC 17025-accredited and commercial calibrations services for pipettes and liquid handling devices, as well as other lab equipment within the temperature, time, humidity, speed and balance/scale disciplines. L. Parker Carwile, owner of BioTek, will be joining Transcat under a consulting agreement.
“This acquisition is a natural fit within our growth strategy as it strengthens our Life Science position within the pipettes market and expands our market reach with onsite specialists providing remote services throughout the U.S.,” commented Lee Rudow, President and Chief Executive Officer. “We believe we can continue to drive growth in this important market channel by leveraging BioTek’s capabilities and national presence with our earlier acquisition of pipettes.com.”
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:
Mark A. Doheny
Chief Financial Officer
585-714-3617
Mark.doheny@transcat.com
Deborah K. Pawlowski
Investor Relations
716-843-3908
dpawlowski@keiadvisors.com
