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BUSINESS COMBINATIONS | 6 Months Ended
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Jun. 27, 2020
BUSINESS COMBINATIONS |
BUSINESS COMBINATIONS | F. BUSINESS COMBINATIONS We completed the following acquisitions in 2020 and since the end of June 2019, which were accounted for using the purchase method in thousands unless otherwise noted: ​
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​ | ​ | ​ | ​ | ​ | Net | ​
Company | Acquisition | ​ | Intangible | Tangible | Operating
Name | Date | Purchase Price | Assets | Assets | Segment
​ | March 13, 2020 | $21,851 cash paid for 100% asset purchase and estimated contingent consideration | $ | 18,289 | $ | 3,562 | Construction
Quest Design & Fabrication and Quest Architectural Millwork ("Quest") | A designer, fabricator, and installer of premium millwork and case goods for a variety of commercial uses. Quest had annual sales of approximately $22 million. The acquisition of Quest will expand our architectural millwork in the commercial construction business unit, which aligns with our growth goals in the construction segment.
​ | September 16, 2019 | $12,422 cash paid for 100% asset purchase | $ | 7,464 | $ | 4,958 | Industrial
Pallet USA, LLC ("Pallet USA") | A manufacturer and recycler of wood pallet and crating products in the Midwest. Pallet USA had annual sales of approximately $18 million. The acquisition of Pallet USA allows us to expand our capacity to manufacture wood-based industrial packaging products and offer new services to customers in the Midwest.
​ | August 12, 2019 | $17,809 cash paid for 100% asset purchase and estimated contingent consideration | $ | 8,290 | $ | 9,519 | Retail
Northwest Painting, Inc. ("Northwest") | A supplier of pre-painted building materials, including siding, soffit, panels and trim to the Western U.S. Northwest had annual sales of approximately $14 million. The acquisition of Northwest will expand our capacity to produce coated siding and trim for customers in the Northwest and Mountain West regions.
​ The intangible assets for the Quest, Pallet USA, and Northwest acquisitions have not been finalized and allocated to their respective identifiable asset and goodwill accounts. In aggregate, acquisitions completed since the end of June 2019 and not consolidated with other operations contributed approximately $13.8 million in net sales and $1.3 million in operating profits during the second quarter of 2020. Similarly, these acquisitions contributed approximately $22.2 million in net sales and $1.7 million in operating profits in the first six months of 2020.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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