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Discontinued Operations and Disposal Groups
 9 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Business Combination Disclosure [Text Block]
13. BUSINESS COMBINATIONS AND DIVESTITURES

Business combinations

On April 1, 2024, the Company acquired all of the equity interests of Greiner Industries, Inc. ("Greiner"), a Mount Joy, Pennsylvania-based structural steel fabrication and services company for a purchase price of $70,488. Greiner is part of our Infrastructure Solutions segment and continues to operate under the Greiner name. The acquisition of Greiner will expand our geographic footprint, add custom structural steel fabrication to our product offerings, and provide additional capacity for our existing custom engineered product offerings. In addition to cash consideration of $67,698, the purchase price also includes contingent consideration of up to $5,000 upon achievement of certain future earnings targets, which was valued at $2,790 as of the date of the acquisition. The fair value of the total consideration for this transaction remains subject to post-closing adjustments as of the date of this report.

The Company accounted for the transaction under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The preliminary purchase price allocation is subject to valuation activities that are currently underway; therefore, the allocation of purchase price is subject to change, and is expected to result in adjustments to the preliminary amounts recorded. The preliminary valuation of the assets acquired and liabilities assumed is as follows:

Current assets$22,561 
Property and equipment47,678 
Intangible assets3,000 
Goodwill2,148 
Current liabilities(4,899)
Net assets acquired$70,488 
In connection with this acquisition, we acquired goodwill of $2,148, all of which is tax deductible, attributable to an assembled workforce and other intangibles that do not qualify for separate recognition. The intangible assets acquired primarily consisted of customer relationships, backlog and trade name with a total weighted-average amortization period of 3.4 years.

Greiner contributed $15,286 in revenue and $701 in operating income during the three and nine months ended June 30, 2024.

We completed no acquisitions during the year ended September 30, 2023.

Divestitures

On October 7, 2022, we sold 100% of the membership interests of STR Mechanical, LLC and its subsidiary Technical Services II, LLC (collectively, “STR”). As a result, we recognized a pre-tax gain of $13,045, which was included in “Gain on sale of assets” within our Condensed Consolidated Statements of Comprehensive Income for the nine months ended June 30, 2023.
Disposal Groups, Including Discontinued Operations, Disclosure
Divestitures

On October 7, 2022, we sold 100% of the membership interests of STR Mechanical, LLC and its subsidiary Technical Services II, LLC (collectively, “STR”). As a result, we recognized a pre-tax gain of $13,045, which was included in “Gain on sale of assets” within our Condensed Consolidated Statements of Comprehensive Income for the nine months ended June 30, 2023.