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Acquisition | 12 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Acquisition | Acquisition On November 17, 2016, we acquired substantially all of the assets of Angelic Bakehouse, Inc. (“Angelic”). Angelic, a privately owned manufacturer and marketer of premium sprouted grain bakery products, is based near Milwaukee, Wisconsin. The purchase price of $35.5 million was funded by cash on hand and includes immaterial post-closing adjustments, which were paid in April 2017 and July 2017, but excludes contingent consideration relating to an additional earn-out payment which is tied to performance-based conditions. In general, the terms of the acquisition specify the sellers will receive an earn-out based upon a pre-determined multiple of the defined adjusted EBITDA of Angelic for fiscal 2021. We are unable to provide a range for the amount of this earn-out because it is based on the future adjusted EBITDA of Angelic, and the earn-out does not contain a minimum or maximum value. See further discussion of the earn-out in Note 3. Angelic is reported in our Retail segment, and its results of operations have been included in our consolidated financial statements from the date of acquisition. The following table summarizes the consideration related to the acquisition and the final purchase price allocation based on the fair value of the net assets acquired:
Consideration |
Purchase price | $ | 35,487 |
Contingent consideration - fair value of earn-out at date of closing | 13,872 |
Fair value of total consideration | $ | 49,359 |
Purchase Price Allocation |
Trade receivables | $ | 831 |
Other receivables | 550 |
Inventories | 430 |
Other current assets | 19 |
Property, plant and equipment | 5,083 |
Goodwill (tax deductible) | 24,242 |
Other intangible assets | 18,749 |
Current liabilities | (545 | )
Net assets acquired | $ | 49,359 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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