| 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 |
|
| 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 |
|
| 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 |
|