Cash received (paid) in conjunction with business combinations

$ 52,368

$ 67,002

$ 0

Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal

$ 13,045

Business Combination [Line Items]

Goodwill

$ 107,830

$ 93,960

Business Combination, Acquiree's Revenue since Acquisition Date, Actual

$ 17,478

Business Combination, Consideration Transferred

51,826

Business Combination [Text Block]

. BUSINESS COMBINATIONS AND DIVESTITURES

Business Combinations

The Company completed three acquisitions during the year ended September 30, 2025 for total aggregate cash consideration of $51,826.

•Arrow Engine Company (“Arrow”) - On January 31, 2025, we acquired 100% of the equity interests of Arrow, a Tulsa, Oklahoma-based provider of engines, generator sets, compressors, and replacement parts primarily for the natural gas production market, from TriMas Corporation. Arrow is part of our Infrastructure Solutions segment and continues to operate under the Arrow name.

•Qypsys, LLC (“Qypsys”) - On July 31, 2025, we acquired 100% of the equity interests of Qypsys, a Tampa, Florida-based provider of wireless network infrastructure, including fiber-based LANs and flexible cellular coverage solutions such as distributed antenna systems. Qypsys is part of our Communications segment and continues to operate under the Qypsys name.

•Wisconsin Heavy Fabrication (“WHF”) - On September 8, 2025, we acquired certain assets comprising an industrial fabrication business in Manitowoc, Wisconsin from Broadwind, Inc., and formed WHF, a new 100% owned subsidiary of our Infrastructure Solutions segment. This acquisition expands manufacturing capacity for our Custom Engineered Solutions business.

The Company accounted for the transactions under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The valuation of the assets acquired and liabilities assumed is as follows:


Trade receivables	$	5,806
Inventories		13,957
Other current assets		602
Operating right of use assets		15,744
Property and equipment		13,490
Intangible assets		9,401
Goodwill		13,870
Current liabilities		(6,909)
Operating long-term lease liabilities		(12,946)
Other non-current liabilities		(1,189)


Net assets acquired	$	51,826

In connection with these acquisitions, we acquired goodwill of $13,870, of which $12,512 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, trade names and non-competition agreements with a total weighted-average amortization period of 7.99 years.

These acquisitions contributed $17,478 in revenue and $1,910 in operating income during the year ended September 30, 2025.

On April 1, 2024, the Company acquired 100% of the equity interests of Greiner, a Mount Joy, Pennsylvania-based structural steel fabrication and services company for an aggregate total purchase price of $70,334. Greiner is part of our Infrastructure Solutions segment and continues to operate under the Greiner name. In addition to cash consideration, net of cash acquired, of $67,544, the aggregate purchase price also included 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.

We completed no acquisitions in fiscal year 2023.