2. Acquisitions

On April 13, 2015, the Company acquired substantially all of the assets of E.S. Boulos Company (“ESB”), one of New England’s largest and most experienced electrical contractors with over 95 years in operation, from a subsidiary of Eversource Energy. The total consideration paid was approximately $11.4 million, subject to working capital adjustments, which was funded through existing cash resources of the Company. Headquartered in Westbrook, Maine, ESB offers construction capabilities under the Company’s T&D segment, including substation, transmission and distribution construction. ESB also provides commercial and industrial electrical construction under the Company’s C&I segment, including a wide range of commercial electrical construction services.

The results of operations for ESB are included in the Company’s consolidated statement of operations and the T&D and C&I segments from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are expected to be finalized by the end of 2015. Costs of approximately $0.4 million related to the acquisition were included in selling, general and administrative expenses in the consolidated statement of operations.

The following table summarizes the provisional fair values of the assets acquired and the liabilities assumed as of the date of acquisition:

					(adjusted
	(as of		Measurement		acquisition
	acquisition date)		Period		amounts as of)
	April 13, 2015		Adjustments		September 30, 2015

Total consideration	$	11,374	$	—	$	11,374

Accounts receivable	$	10,662	$	—	$	10,662
Costs and estimated earnings in excess of billings on uncompleted contracts		2,102		—		2,102
Other current assets		59		—		59
Property and equipment		1,778		252		2,030
Intangible assets				—		—
Accounts payable		(3,621)		—		(3,621)
Billings in excess of costs and estimated earnings on uncompleted contracts		(1,490)		—		(1,490)
Other current liabilities		(437)		—		(437)
Net identifiable assets		9,053		252		9,305
Goodwill	$	2,321	$	(252)	$	2,069

Further adjustments are expected to the allocation as third party valuations of identifiable intangible assets, including trade names, customer relationships, and backlog are finalized, and as working capital adjustments are finalized. The goodwill to be recognized, which represents the excess of the purchase price over the net amount of the fair values assigned to assets acquired and liabilities assumed, is primarily attributable to the value of an assembled workforce. All of the goodwill and identifiable intangible assets are expected to be tax deductible per applicable IRS regulations.