2. Acquisitions

E.S. Boulos Company

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 its 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. 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 purchase accounting for ESB was complete as of December 31, 2015. The following table summarizes the allocation of the opening balance sheet from the date of acquisition through December 31, 2015:


(in thousands)	(as of acquisition date) April 13, 2015			Measurement Period Adjustments			(adjusted acquisition amounts as of) December 31, 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			253			2,031
Intangible assets		—			2,068			2,068
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			2,321			11,374
Goodwill	$	2,321		$	(2,321	)	$	—

The following table summarizes the estimated fair values of identifiable intangible assets (level 3 valuations) and the related weighted average amortization periods by type as of the respective acquisition dates for the 2015 acquisitions.

(in thousands)	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date
	(in thousands)		(in years)
Customer relationships	$	1,129		12.7
Backlog		244		1.0
Trade names		695		15.0
Total intangible assets	$	2,068

High Country Line Construction, Inc.

On November 24, 2015, the Company acquired all of the outstanding common stock of High Country Line Construction, Inc. (HCL). The acquisition of HCL expands the Company’s T&D construction services, predominantly in the western United States. The preliminary acquisition date fair value of consideration transferred was $1.7 million, net of cash acquired, of which $0.5 million was preliminarily allocated to goodwill. The Company’s process of valuing the acquired assets and liabilities is in its preliminary stages. Costs of approximately $0.2 million related to the acquisition were included in selling, general and administrative expenses in the consolidated statement of operations.