Quarterly report pursuant to Section 13 or 15(d)

Business Combinations (Tables)

v3.21.1
Business Combinations (Tables)
3 Months Ended
Mar. 31, 2021
Business Combinations  
Schedule of fair value of contingent consideration

The following table presents the fair value of contingent consideration, in thousands:

    

Viking

    

Cooper

Date of Acquisition

July 15, 2019

February 20, 2020

Fair value of contingent consideration recognized at acquisition date

$

1,243

$

1,000

Contingent consideration at December 31, 2020

$

910

$

1,000

Change in fair value of contingent consideration during the three months ended March 31, 2021

22

(350)

Payment of contingent consideration during the three months ended March 31, 2021

Liability balance for contingent consideration at March 31, 2021

$

932

$

650

2021 Acquisitions  
Business Combinations  
Summary of businesses acquired

The tables below provide a summary of businesses acquired in 2021 including, for significant acquisitions, the net sales and operating (loss) income incurred during the three months ended March 31, 2021:

Three Months Ended

March 31, 2021

2021 Acquisitions

Date

    

Cash Paid

Contingent Consideration

Total Purchase Price

Goodwill Acquired

Net Sales

Operating (Loss) Income

LCR

1/20/2021

$

53,833

$

$

53,833

$

17,863

$

8,306

$

(705)

Ozark

3/3/2021

7,404

7,404

3,447

567

34

Total

$

61,237

$

$

61,237

$

21,310

$

8,873

$

(671)

Purchase Price Allocations

The estimated fair values of the assets acquired and liabilities assumed for the 2021 acquisitions approximated the following as of March 31, 2021, in thousands:

2021 Acquisitions

    

LCR

    

Ozark

Total

Estimated fair values:

Accounts receivable

$

16,041

$

376

$

16,417

Inventories

806

378

1,184

Prepaid and other assets

83

83

Property and equipment

3,792

309

4,101

Intangible assets

17,750

2,900

20,650

Goodwill

17,863

3,447

21,310

Accounts payable

(1,464)

(4)

(1,468)

Accrued liabilities

(1,038)

(2)

(1,040)

Net assets acquired

$

53,833

$

7,404

$

61,237

Schedule of estimates of acquired intangible assets related to the acquisitions

Estimates of acquired intangible assets related to the 2021 acquisitions are as follows, as of March 31, 2021, dollars in thousands:

    

Estimated Fair Value

    

Weighted Average Estimated Useful Life (Years)

2021 Acquisitions

Customer relationships

$

19,220

12

Trademarks and trade names

1,430

10

Total intangible assets acquired

$

20,650

12

2020 Acquisitions  
Business Combinations  
Summary of businesses acquired

The table below provides a summary as of March 31, 2021 for businesses acquired during the three months ended March 31, 2020:

2020 Acquisitions

Date

    

Cash Paid

Contingent Consideration

Total Purchase Price

Goodwill Acquired

Cooper

2/20/2020

$

10,500

$

1,000

$

11,500

$

5,700

Hunter

2/24/2020

9,100

9,100

5,300

Total

$

19,600

$

1,000

$

20,600

$

11,000