Quarterly report pursuant to Section 13 or 15(d)

Business Combinations (Tables)

v3.21.2
Business Combinations (Tables)
9 Months Ended
Sep. 30, 2021
Business Combinations  
Summary of businesses acquired

The estimated fair values of the assets acquired and liabilities assumed for the 2021 acquisitions approximated the following as of September 30, 2021, in thousands:

2021 Acquisitions

    

LCR

    

ABS

All Others

Total

Estimated fair values:

Accounts receivable

16,041

14,184

2,236

32,461

Inventories

806

8,441

2,955

12,202

Prepaid and other assets

83

370

113

566

Property and equipment

3,730

7,321

2,458

13,509

ROU asset

518

8,843

2,914

12,275

Intangible assets

16,040

38,670

9,581

64,291

Goodwill

19,453

55,625

11,997

87,075

Accounts payable

(2,105)

(1,275)

(3,380)

Lease liabilities

(518)

(8,843)

(2,914)

(12,275)

All other liabilities

(381)

(195)

81

(495)

Net assets acquired

$

53,667

$

124,416

$

28,146

$

206,229

Schedule of fair value of contingent consideration

    

Viking

    

Cooper

Valley

Date of Acquisition

July 15, 2019

February 20, 2020

August 23, 2021

Fair value of contingent consideration recognized at acquisition date

$

1,243

$

1,000

$

1,200

Contingent consideration at December 31, 2020

$

910

$

1,000

$

Additions during the nine months ended September 30, 2021

1,200

Change in fair value of contingent consideration during the nine months ended September 30, 2021

56

(850)

Payment of contingent consideration during the nine months ended September 30, 2021

(500)

(150)

Liability balance for contingent consideration at September 30, 2021

$

466

$

$

1,200

Schedule of pro forma results

Unaudited Pro Forma for the

Unaudited Pro Forma for the

Three Months Ended September 30,

Nine Months Ended September 30,

    

2021

    

2020

    

2021

    

2020

Net sales

$

847,093

$

770,888

$

2,475,604

$

2,211,936

Net income

$

95,612

$

74,580

$

247,940

$

187,055

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 net income (loss) incurred for the three and nine months ended September 30, 2021:

Three Months Ended

Nine Months Ended

September 30, 2021

September 30, 2021

2021 Acquisitions

Date

    

Cash Paid

Contingent Consideration

Total Purchase Price

Goodwill Acquired

Net Sales

Net Income

Net Sales

Net Income (Loss)

LCR

1/20/2021

$

53,667

$

$

53,667

$

19,453

$

12,962

$

26

33,519

(590)

ABS

4/5/2021

124,416

124,416

55,625

36,921

3,031

73,644

4,699

All others

Various

26,946

1,200

28,146

11,997

6,304

330

10,907

796

Total

$

205,029

$

1,200

$

206,229

$

87,075

$

56,187

$

3,387

$

118,070

$

4,905

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 September 30, 2021, dollars in thousands:

    

Estimated Fair Value

    

Weighted Average Estimated Useful Life (Years)

2021 Acquisitions

Customer relationships

$

58,901

12

Trademarks and trade names

5,390

10

Total intangible assets acquired

$

64,291

12

Schedule of additional expense included in the pro forma operating profit and net income

Unaudited Pro Forma for the

Unaudited Pro Forma for the

Three Months Ended September 30,

Nine Months Ended September 30,

    

2021

    

2020

    

2021

    

2020

Depreciation & amortization

$

39

$

3,227

$

2,197

$

9,819

Income tax expense (using 26% effective tax rate)

$

62

$

1,683

$

876

$

4,008

2020 Acquisitions  
Business Combinations  
Summary of businesses acquired

The table below provides a summary as of September 30, 2021 for businesses acquired during the nine months ended September 30, 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