Benzinga | Jan 3, 2022 12:49PM EST

Transcat Acquires Tangent Labs For $9M

* Transcat, Inc. (NASDAQ:TRNS) has purchased all of the stock of privately-held Tangent Labs, LLC for $9 million.

* Indianapolis, Indiana-based Tangent Labs, founded in 1995, provides in-house and on-site precision measurement and control instrumentation calibrations.

* With ~$2.2 million in annual revenue, Tangent offers ISO/IEC 17025-accredited calibrations and has labs in Indianapolis and Huntsville, Alabama.

* Tangent owner Kevin Broderick will join Transcat and continue to lead the business.

* "Tangent is a natural fit within our geographic expansion strategy as it gives us a new local presence in two attractive areas of the country that fit perfectly into our operational footprint," commented CEO Lee Rudow.

* Transcat held $2.55 million cash in hand as of September 25, 2021.

* Price Action: TRNS shares are trading lower by 1.46% at $91.09 on the last check Monday.