Transcat, Inc. acquired Tangent Labs, LLC from Kevin Broderick for $9 million.
January 02, 2022
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Transcat, Inc. (NasdaqGM:TRNS) entered into a membership unit purchase agreement to acquire Tangent Labs, LLC from Kevin M. Broderick and Andrea Broderick for $9 million on December 31, 2021. The purchase price paid in cash, is subject to certain customary holdback provisions. A portion of which purchase price is placed in escrow to secure the sellers' obligations in the event that a key employee terminates employment with Tangent on or before the first anniversary of the closing of the transaction, and for adjustments with respect to cash, working capital, indebtedness and transaction expenses and indemnification. Tangent recorded revenue of $2.2 million. Kevin Broderick will join Transcat and continue to lead the business.
Transcat, Inc. (NasdaqGM:TRNS) completed the acquisition of Tangent Labs, LLC from Kevin Broderick for $8.9 million on December 31, 2021. As per the terms of the transaction, $7.9 million was paid in cash and $1 million of the purchase price has been put into escrow as a holdback for indemnification claims, if any. Russell Cox of Cox, Sargeant & Burns, P.C. acted as legal advisor to Kevin M. Broderick and Andrea Broderick while Phillip A. Delmont of Harter, Secrest & Emery LLP acted as legal advisor to Transcat, Inc.
Transcat, Inc. is a 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. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses. Through its Service segment, it offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services, a majority of which are processed through its asset management system, CalTrak, and its online customer portal, C3. It also provides permanent and periodic onsite services, mobile calibration services, pickup and delivery and in-house services. Through its Distribution segment, it sells and rents national and proprietary brand instruments to customers globally.