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Transcat acquires Louisiana-based firm in $50M deal
Transcat acquires Louisiana-based firm in $50M deal
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Rochester-based Transcat Inc. has acquired Louisiana-based Becnel Rental Tools LLC in a $50 million deal.
The purchase price was paid in combination of $32.5 million in company stock and $17.5 million in cash and is subject to certain customary holdback provisions.
Founded in 2012, Becnel is a provider of rental tools and services primarily used in the decommissioning and maintenance of oil wells. The existing staff and leadership team, led by current Becnel President Jason Becnel, will remain in place to strategically drive the business and service customers’ needs, Transcat reported in a release.
Lee Rudow, Transcat president and CEO, said Becnel is a well-run business, with great leadership and significant industry experience.
“Becnel operates in a niche part of the oil and gas industry, and we believe the business is largely isolated from the inherent market volatility.” Rudow said. “Their customer relationships are very strong and as a result, we believe that the highly regulated markets that Becnel serves, will provide significant opportunity for cross-selling of Transcat’s calibration services, as well as our core distribution products.”
Transcat is a provider of accredited calibration services, cost control and optimization services, and distribution and rental of value-added professional grade handheld test, measurement and control instrumentation.
[email protected] / (585) 653-4021
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