Calibrator and handheld test and measurement device specialist Transcat Inc. (NASDAQ:TRNS) has acquired product rental firm Excalibur Engineering, Inc. for US$7.35mln.
The deal for Irvine, California-based Excalibur allows Transcat to further penetrate the Southern California market, the company said.
Lee Rudow, President and chief executive of Transcat, said: “Excalibur has done an excellent job building a business with a first-rate reputation that is an outstanding strategic, operational and geographic fit with Transcat’s business, as it enhances both our Service and Distribution segments on several levels.”
Transcat expanded its borrowing capacity by adding a $10.0mln term note to its bank credit facility, to pay for the all-cash deal.
Excalibur reported around US$8mln in annual sales and strengthens Transcat’s position in the highly regulated life science and aerospace markets, Rudrow adds.
Christopher LaPlante, chief executive of Excalibur said: “I’m looking forward to this exciting opportunity and combining our unique capabilities with Transcat’s best-in-class calibration services and new Southern California lab facilities to expand our service offerings and create a stronger value proposition for our customers.”