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Transcat acquires Midwest calibration lab in $79M deal
Transcat acquires Midwest calibration lab in $79M deal
Rochester-based Transcat Inc. has aquired Minnesota-based Martin Calibration Inc. for $79 million. The deal is the largest acquisition in Transcat’s history.
The purchase price was paid in combination of $69 million in cash and $10 million in company stock, and is subject to certain customary adjustment and holdback provisions.
Martin is an ISO-17025 accredited calibration laboratory network with more than $25 million dollars of revenue. The business serves customers in the highly regulated medical, life science, aerospace and nuclear sectors, providing in-lab and onsite services across a range of disciplines.
With its flagship Minneapolis lab, Martin has six additional labs in or near Chicago, Milwaukee, Los Angeles, Eau Claire, Wisconsin, and Tempe, Arizona. The company employs 150 workers.
“Martin has been highly coveted by Transcat not only for its size and scale, but for its stellar reputation around quality and capabilities,” said Lee Rudow, Transcat’s president and CEO.
Rudow added that the acquisition will expand Transcat’s geographic reach and increase its capabilities and expertise.
“When you factor in Martin’s commitment to quality, its extensive customer base, geographic coverage and strong culture, we believe that Transcat, together with Martin, is a perfect match,” he noted.
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.
The business has more than two dozen calibration lab locations throughout the United States, as well as facilities in Canada and Cork, Ireland.
In Rochester, Transcat employs some 200 workers and has 1,200 employees companywide.
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