Cork company Nexa acquired in deal worth up to $30m

Co Cork-headquartered Nexa Enterprise Asset Management (Nexa) has been acquired by Nasdaq-listed Transcat in a deal worth up to $30 million (€25.3 million).

The Fermoy-based company, which was originally founded as Cal Opex in 2015, provides calibration optimisation and other technical solutions for companies operating in the life sciences sector. It employs 65 people and recorded $7.5 million in annual revenues last year.

The deal consists of $20.25 million in cash and $2.25 million in Transcat shares. Additionally, there are potential earn-out payments of up to $7.5 million 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 common stock.

John Cummins, Nexa president and chief executive, will continue to lead the business, which derives the majority of its revenues from the US.

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“We are joining Transcat at an exciting time in our company’s young history as we have experienced rapid growth over the last several years,” he said.

Founded in 1964 and headquartered in Rochester, New York, the Nasdaq-listed company has developed over 500 test equipment product lines, making it one of North America’s largest calibration and compliance service providers.

Transcat reported revenues of $173.3 million in 2020.