Transcat Announces Additions to Board of Directors
Transcat, Inc. (Nasdaq: TRNS) announced the additions of Craig D. Cairns and Mbago M. Kaniki to its Board of Directors, effective May 12, 2021. Their appointments fill vacancies from prior retirements. Cairns, with over 25 years of investment experience, is the majority owner of Howe & Rusling, while Kaniki has extensive leadership experience in investment and management. Both bring valuable expertise in client relations, capital allocation, and strategic growth. This leadership change aims to bolster Transcat's operational effectiveness in the highly regulated industries it serves.
- New board members bring extensive leadership experience.
- Cairns and Kaniki's expertise supports business growth strategy.
- Board additions enhance client relations and capital allocation.
- Retirement of previous board members may create continuity concerns.
Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, announced the appointments of Craig D. Cairns and Mbago M. Kaniki to its Board of Directors, effective May 12, 2021. These additions fill the vacancies that were created by the retirement of John Smith in January 2021 and Alan Resnick, who departed from the Board in September 2020. Both new Directors are considered independent.
“Mbago and Craig both bring extensive leadership experience and expertise in driving business growth and transformation through effective strategic planning and execution,” commented Gary J. Haseley, Transcat’s Chairman of the Board. “Additionally, we believe their considerable experience with client relations, capital allocation and sales and marketing will complement our existing Board and enable them to be immediate and effective contributors.”
Mr. Kaniki has served as Chief Executive Officer of Adansonia Management LLC, an investment firm, since March 2013. He was Chief Executive Officer of Alva Charge LLC, an electric vehicle charging company, from May 2016 to April 2021. For nearly 20 years, Mr. Kaniki has invested in private and public companies at various investment firms, including as a Managing Director and the Head of Strategic Investments at 40 North Industries; a Senior Analyst at Anchorage Capital Group; a Principal at Sageview Capital; and a Vice President at The Carlyle Group. Mr. Kaniki currently serves as a Director at Touch Foundation, a non-profit organization working to improve health system capacity in Africa. He brings a strong history of contributions and service to the non-profit industry. He earned a Bachelor of Arts in Economics from Harvard University.
Mr. Cairns has more than 25 years of investment experience and is currently the Chairman, President and majority owner of Howe & Rusling, Inc., a Registered Investment Advisor with
ABOUT TRANSCAT
Transcat, Inc. is a leading provider of accredited calibration, repair, inspection and laboratory instrument services. The Company is focused on providing best-in-class services and products to highly regulated industries, particularly the Life Science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses; as well as aerospace and defense, and energy and utilities. Transcat provides periodic on-site services, mobile calibration services, pickup and delivery, in-house services at its 22 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada, and services at 20 imbedded customer-site locations. The breadth and depth of measurement parameters addressed by Transcat’s ISO/IEC 17025 scopes of accreditation are believed to be the best in the industry.
Transcat also operates as a leading value-added distributor that markets, sells and rents new and used national and proprietary brand instruments to customers primarily in North America. The Company believes its combined Service and Distribution segment offerings, experience, technical expertise and integrity create a unique and compelling value proposition for its customers.
Transcat’s strategy is to leverage the complementary nature of its two operating segments, its comprehensive service capabilities, strong brand, enhanced e-commerce capabilities and leading distribution platform to drive organic sales growth. The Company will also look to expand its addressable calibration market through acquisitions and capability investments to further realize the inherent leverage of its business model.
More information about Transcat can be found at: Transcat.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and assumptions. Forward-looking statements are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “plans,” “aims” and other similar words. All statements addressing operating performance, events or developments that Transcat expects or anticipates will occur in the future, including but not limited to statements relating to anticipated revenue, profit margins, the impact of and the Company’s response to the COVID-19 pandemic, the commercialization of software projects, sales operations, capital expenditures, cash flows, operating income, growth strategy, segment growth, potential acquisitions, integration of acquired businesses, market position, customer preferences, outlook and changes in market conditions in the industries in which Transcat operates are forward-looking statements. Forward-looking statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include those more fully described in Transcat’s Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements, which speak only as of the date they are made. Except as required by law, the Company disclaims any obligation to update, correct or publicly announce any revisions to any of the forward-looking statements contained in this news release, whether as the result of new information, future events or otherwise.
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FAQ
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