Benzinga | Jan 3, 2022 08:32AM EST

Transcat Reports Purchase Of Tangent Labs For $9M

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 purchased all of the stock of privately-held Tangent Labs, LLC (Tangent), effective December 31, 2021. The purchase price was $9.0 million and is subject to certain customary holdback provisions.

Founded in 1995 and headquartered in Indianapolis, IN, Tangent provides in-house and on-site calibrations of precision measurement and control instrumentation to customers in life science, aerospace and other regulated industries. With approximately $2.2 million in annual revenue, Tangent offers ISO/IEC 17025-accredited calibrations and has labs located in both Indianapolis and Huntsville, Alabama. Kevin Broderick, owner of Tangent, will join Transcat and continue to lead the business.

"Tangent is a natural fit within our geographic expansion strategy as it gives us new local presence in two attractive areas of the country that fit perfectly into our operational footprint," commented Lee Rudow, President and Chief Executive Officer. "Indiana has a large and growing life science/medical device market, while Huntsville, Alabama is a large military/aerospace market. Additionally, Tangent is a very well-run company that has successfully automated certain elements of its calibration program to help drive an extremely strong profitability profile. We are pleased to welcome Kevin and the Tangent team to Transcat."