Transcat Inc., a provider of a wide variety of test products and services nationwide, has repurchased $5.6 million worth of shares of the company’s stock.
Transcat repurchased 696,138 shares at $8.10 a share. It paid for the transaction with its existing credit facility. The shares were bought from a shareholder not affiliated with the company in a privately negotiated deal.
As of Aug. 6, prior to the repurchase, the company had 7.4 million shares outstanding of its common stock.
Bioscience companies and medical device companies are among Transcat’s target clientele.