Following the deal, the life science equipment company will continue to be run by its founder and CEO John Cummins.
Cork-based company Nexa Enterprise Asset Management has been acquired by Transcat for an undisclosed sum.
Founded in 2015 by Dubliner John Cummins, Nexa provides a number of equipment-related services to pharmaceutical, biotech and medical device businesses including calibration, maintenance and reliability assessments.
The company has grown to employ 25 people in Ireland and another 40 in Pennsylvania. It was previously known as Cal OpEx, but rebranded in March of this year. Nexa works with clients in Europe, the US, and the Asia-Pacific region.
Transcat is a Nasdaq-listed company also working in the life sciences equipment sector, as well as providing asset management for aerospace, defence, energy and utility businesses, and distributing handheld lab instruments.
Transcat was founded in 1964 and is based in upstate New York. It has labs across the US and Canada.
Cummins, who serves as Nexa’s president and CEO, commented on the deal: “We are joining Transcat at an exciting time in our company’s history as we have experienced rapid growth over the last several years.
“We believe our growth-oriented employee mindset will fit well with Transcat’s established culture and the combination of the two companies will further accelerate our growth trajectory.”
Following the acquisition, Cummins is to continue to lead Nexa.
Lee Rudow, CEO of Transcat, said: “Nexa is a natural strategic fit within our growth strategy as it expands our reach into the attractive asset and reliability management market, and strengthens our life science position within our calibration services market.
“Nexa has developed a truly unique approach to managing cost, efficiency and the underserved reliability components of companies’ instrumentation management programmes in the life science sector. We believe this unique approach will be scalable and transferrable into other highly regulated industries in which we compete, such as aerospace and defence.”
Rudow said that Nexa’s range will be a “perfect complement” to Transcat’s core calibration services offering.
“Additionally, Nexa’s history of success and employee footprint in Ireland expands our geographic reach and will provide future opportunities for both calibration services and asset and reliability management growth.”
The deal for the Cork company follows the city’s recent ranking in the recent Tech Cities of the Future report as sixth in the world for economic potential.
In July, Silicon Republic spoke to Stephen Barry, head of engineering at Simotech, another local company providing services to the life sciences sector.