ROCHESTER, NY, December 10, 2024 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), 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 that it has acquired privately-held Martin Calibration Inc. (Martin), effective December 10, 2024. The $79 million purchase price was paid in combination of $69 million in cash and $10 million in Company stock and is subject to certain customary adjustment and holdback provisions.

Martin, an ISO-17025 Accredited calibration laboratory network, has been a Midwest leader in the metrology business for almost 35 years, with more than $25 million dollars of revenue. With its flagship Minneapolis lab, Martin has six additional labs in or near Chicago, Milwaukee, Eau Claire, Tempe, and Los Angeles. 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.”

“Martin’s flagship lab is in Minneapolis, an area rich in medical device and life science and is a strategic fit for the expansion of our business,” Mr. Rudow added. “We have long desired to be in this opportunistic region. When you factor in Martin’s commitment to quality, its extensive customer base, geographic coverage, and strong culture, we believe that Transcat, together with Martin, is a perfect match. As a combined force, we have almost 100 years of deep industry experience. With this, we are confident we will win more.”

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.”

Mr. Rudow concluded, “Rick and I have been in regular contact for over 10 years, always confident this day would come. From the start, we both believed we would be stronger together and that the opportunities we could seize as one would drive results to a new level. On this day, we are extremely grateful to welcome the nearly 150 dedicated Martin employees to the Transcat family. We are tremendously excited about what we will accomplish together.”