| Schedule of revenue and net income since acquisition date included in the Condensed Consolidated Statements of Operations |
Revenue and operating profit since the respective 2020 acquisition dates included in our Consolidated Statements of Operations were as follows, in thousands:
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2020 |
|
|
Net Sales |
|
Operating Profit |
2020 Acquisitions |
|
|
|
|
|
|
Garland |
|
|
16,929 |
|
|
1,737 |
All Others |
|
|
14,720 |
|
|
1,455 |
Total |
|
$ |
31,649 |
|
$ |
3,192 |
|
| Schedule of estimated fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred |
The estimated fair values of the assets acquired and liabilities assumed for the 2020 acquisitions, as well as the fair value
of consideration transferred, approximated the following as of December 31, 2020, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
2020 Acquisitions |
|
|
Garland |
|
All Others |
|
Total |
Estimated fair values: |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
— |
|
$ |
7 |
|
$ |
7 |
Accounts receivable |
|
|
7,646 |
|
|
3,870 |
|
|
11,516 |
Inventories |
|
|
2,853 |
|
|
108 |
|
|
2,961 |
Prepaid and other assets |
|
|
117 |
|
|
14 |
|
|
131 |
Property and equipment |
|
|
2,766 |
|
|
1,066 |
|
|
3,832 |
Intangible assets |
|
|
24,090 |
|
|
7,279 |
|
|
31,369 |
Goodwill |
|
|
30,964 |
|
|
11,803 |
|
|
42,767 |
Accounts payable |
|
|
(4,953) |
|
|
(1,839) |
|
|
(6,792) |
Accrued liabilities |
|
|
(1,376) |
|
|
— |
|
|
(1,376) |
Deferred tax liability |
|
|
— |
|
|
— |
|
|
— |
Net assets acquired |
|
$ |
62,107 |
|
$ |
22,308 |
|
$ |
84,415 |
|
|
|
|
|
|
|
|
|
|
|
|
2020 Acquisitions |
|
|
Garland |
|
All Others |
|
Total |
Fair value of consideration transferred: |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
62,107 |
|
$ |
21,308 |
|
$ |
83,415 |
Deferred consideration |
|
|
— |
|
|
— |
|
|
— |
Contingent consideration |
|
|
— |
|
|
1,000 |
|
|
1,000 |
Total consideration transferred |
|
$ |
62,107 |
|
$ |
22,308 |
|
$ |
84,415 |
|
| Schedule of estimates of acquired intangible assets related to the acquisitions |
Estimates of acquired intangible assets related to the 2020 acquisitions are as follows, as of December 31, 2020, dollars in thousands:
|
|
|
|
|
|
|
|
|
Estimated Fair Value |
|
Weighted Average Estimated Useful Life (Years) |
2020 Acquisitions |
|
|
|
|
|
|
Customer relationships |
|
$ |
29,439 |
|
|
12 |
Trademarks and trade names |
|
|
1,630 |
|
|
10 |
Non-competition agreements |
|
|
300 |
|
|
3 |
Total intangible assets for 2020 acquisitions |
|
$ |
31,369 |
|
|
12 |
|
| Schedule of fair value of contingent consideration |
The following table presents the fair value of contingent consideration, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
EcoFoam |
|
Viking |
|
Cooper |
Date of Acquisition |
|
February 27, 2017 |
|
July 15, 2019 |
|
February 20, 2020 |
Fair value of contingent consideration recognized at acquisition date |
|
$ |
2,110 |
|
$ |
1,243 |
|
$ |
1,000 |
|
|
|
|
|
|
|
|
|
|
Contingent consideration at December 31, 2019 |
|
$ |
822 |
|
$ |
1,304 |
|
$ |
— |
Additions |
|
|
— |
|
|
— |
|
|
1,000 |
Change in fair value of contingent consideration during the year ended December 31, 2020 |
|
|
19 |
|
|
106 |
|
|
— |
Payment of contingent consideration during the year ended December 31, 2020 |
|
|
(841) |
|
|
(500) |
|
|
— |
Liability balance for contingent consideration at December 31, 2020 |
|
$ |
— |
|
$ |
910 |
|
$ |
1,000 |
|