Transcat Acquires Martin Calibration Inc.’s Seven Labs, Expanding Midwest Service Presence
Transcat, Inc., a leading 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, announced via press release that it has acquired privately held Martin Calibration Inc. The $79-million purchase price was paid in combination with $69 million in cash and $10 million in company stock and is subject to certain customary adjustments and holdback provisions.
Martin, a calibration laboratory network, has been a leader in the metrology business for almost 35 years, with more than $25 million in revenue. With its flagship Minneapolis lab, Martin has six additional labs in or near Los Angeles, Chicago, Milwaukee, Eau Claire and Tempe. Martin serves customers in the highly regulated medical, life science, aerospace and nuclear sectors, providing in-lab and onsite services across a broad range of disciplines.
“We are thrilled to announce the acquisition of Martin Calibration, our largest acquisition in Transcat history,” noted Lee Rudow, president and chief executive officer. “Martin has been highly coveted by Transcat not only for its size and scale but for its stellar reputation around quality and capabilities. As a result, we expect this highly synergistic deal to fulfill all our strategic acquisition drivers by expanding our geographic reach, increasing our capabilities and expertise, and providing us with two bolt-on opportunities (Los Angeles and Tempe) that will leverage our existing infrastructure. Additional leverage will come in other aspects of our business, including automation and outsource reduction.”
Rick Brion, Martin’s owner, commented, “I am proud and grateful to have built the Martin business and to have had the opportunity to lead such a talented and dedicated team for so many years. There was never a doubt that if I were to sell my company, it would only be to Transcat, and now I am excited for this next chapter for our employees and customers. Transcat’s dedication to its employees, rewarding culture and focus on providing high-quality services are a perfect complement to our business. I look forward to seeing the positive results driven by the combined organizations.”
Information for this article was sourced from BusinessWire.
