Benzinga | Dec 16, 2020 08:23AM EST

Transcat Acquires BioTek Services For $3.5M

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."