Press release
Transcat Extends Its Professional Services Business With Acquisition of SteriQual, Inc.
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration services,
About this update from Transcat, Inc.
[{"type":"text","content":" ROCHESTER, N.Y.--(BUSINESS WIRE)--\nTranscat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration services, enterprise asset management services, and value-added distributor of professional grade handheld test, measurement and control instrumentation, announced that it has purchased all of the capital stock of privately-held SteriQual, Inc. (SteriQual), effective July 12, 2023. The purchase price of $4.25 million was paid in Company stock and is subject to certain holdback provisions.\n\n\nFounded in 2017, SteriQual provides expert consulting services to pharmaceutical, biopharmaceutical, medical device, and diagnostic equipment manufacturers. Specializing in commissioning, qualification and validation (“CQV”); process engineering; facilities engineering: quality engineering and assurance; and project management, SteriQual provides critical support to its customers engaged in new facility start-ups, modifications to existing facilities/processes, regulatory inspections, and remediations. Existing leadership and staff will remain onboard and will continue to service customer needs.\n\n\n“I am pleased to announce the acquisition of SteriQual. Although not a large acquisition, it is strategic in that it is the initial “bolt-on” to the Nexa Enterprise Asset Management business, that has been quite successful since we acquired it in fiscal 2022 and it is the first acquisition that further builds out our Professional Services footprint, providing additional capability and significant industry know-how in the CQV space. Additionally, this acquisition bolsters the NEXA Single Source Solution (NS3) model, enabling the execution of the vast majority of the scope surrounding the engineering needs required for capital projects under a single entity,” commented Lee Rudow, President and Chief Executive Officer. “Based on our experience with growing Nexa and the demand we are seeing in the marketplace, we believe that SteriQual is the perfect fit for Nexa and Transcat and we are confident that it further enhances our overall value proposition, that is already a significant differentiator as we pursue incremental business with new and existing customers.”\n\n\nABOUT TRANSCAT\n\n\nTranscat, Inc. is a leading provider of accredited calibration, reliability, maintenance optimization, quality and complia...