Cork-based NEXA Enterprise Asset Management has been acquired by US company Transcat for €19m.

The Cork company, which employs 25 people in Ireland and 40 at its US subsidiary, provides accredited calibration, repair, inspection and laboratory instrument services and is a distributor of professional handheld test, measurement and control instrumentation. 

Transcat provides test and measurement equipment and on-site services, mobile calibration services, pickup and delivery, in-house services to the pharmaceutical, industrial manufacturing, energy, and chemical process industries.

Nexa founder and chief executive John Cummins will continue to lead the business. He said: “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”.

Transcat chief executive Lee Rudow added: “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.

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“Nexa has developed a truly unique approach to managing cost, efficiency and the under-served reliability components of companies’ instrumentation management programmes in the life science sector.”

Pinsent Masons advised Nexa, led by corporate partner Dennis Agnew, with Ciara Ruane, Gavin Hickey and Nicola Barden on the multi-disciplinary team.

The purchase price of $22.5m consisted of $20.25m in cash and $2.25m in Transcat stock. Additionally, there are potential earnout payments of up to $7.5m over the next four years, based upon Nexa achieving certain annual revenue and EBITDA goals. If achieved, the earn-out payments will also be made in shares.