Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.2
Acquisition (Tables)
9 Months Ended
Sep. 30, 2021
Acquisition [Abstract]  
Summary Of Summary Of Purchase Price allocation

Cash

$

557

Trade accounts receivable

10,244

Trade inventory

12,133

Property and equipment

1,007

Identifiable intangible assets (1)

21,795

Operating lease asset (2)

3,919

Other assets

650

Total assets acquired

50,305

Accounts payable

(5,619)

Other liabilities

(3,524)

Operating lease liability

(2,213)

Total liabilities assumed

(11,356)

Fair value of identifiable net assets

38,949

Goodwill

4,140

Purchase consideration

43,089

Less: cash acquired

(557)

Less: consideration payable

(194)

Cash paid for acquisition less cash acquired

$

42,338

(1)Identifiable intangible assets were comprised of $2.9 million, $18.7 million, and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are being amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships.

(2)Includes an intangible asset of $1.7 million related to below market rents associated with the lease for a distribution facility that is expected to be recognized over the lease term of approximately seven years.