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Note 2 - Acquisitions | 12 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Business Combination [Text Block] | 2. Acquisitions The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of each acquisition and as of June 30, 2025, the Company evaluated the significance of each acquisition on a standalone basis and in aggregate, considering both qualitative and quantitative factors. McStarlite On February 5, 2025, the Company acquired 100% of the issued and outstanding shares of Basmat Inc., dba McStarlite, a privately held company, for $57.0 million, net of cash acquired. McStarlite is a leading provider of complex sheet metal aerospace components. It designs and manufactures cold deep draw and bulge-formed aviation components, including segmented and single piece lipskins, nozzles, complex sheet metal assemblies, and tooling to support production hardware. McStarlite's results are reported within the Company's Engineering Technologies segment. The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on a valuation of their fair values on the closing date. Goodwill recorded from this transaction is attributable to McStarlite's technical and applications expertise, which is highly complementary to the Company's existing business. Identifiable intangible assets of $24.5 million consist primarily of $19.7 million for customer relationships to be amortized over 12 years and $4.8 million for indefinite lived tradenames. The goodwill of $16.7 million created by the transaction is not deductible for income tax purposes. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management's best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques.
|  | Preliminary Allocation as of March 31, 2025 |  |  | Adjustments |  |  | Preliminary Allocation as of June 30, 2025 |
Total purchase consideration: |  |  |  |  |  |  |  |  |  |  |  |
Cash payments |  | $ | 57,271 |  |  | $ | 278 |  |  | $ | 57,549 |
Less: cash acquired |  |  | (586 | ) |  |  | - |  |  |  | (586 | )
Total |  | $ | 56,685 |  |  | $ | 278 |  |  | $ | 56,963 |
Identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Other acquired assets |  | $ | 8,808 |  |  | $ | - |  |  | $ | 8,808 |
Inventories |  |  | 6,524 |  |  |  | 220 |  |  |  | 6,744 |
Customer backlog |  |  | 4,060 |  |  |  | (90 | ) |  |  | 3,970 |
Property, plant, and equipment |  |  | 5,315 |  |  |  | 3,288 |  |  |  | 8,603 |
Identifiable intangible assets |  |  | 26,400 |  |  |  | (1,900 | ) |  |  | 24,500 |
Goodwill |  |  | 17,692 |  |  |  | (1,270 | ) |  |  | 16,761 |
Liabilities assumed |  |  | (12,114 | ) |  |  | 30 |  |  |  | (12,423 | )
Total |  | $ | 56,685 |  |  | $ | 278 |  |  | $ | 56,963 |
Amran/Narayan Group On October 28, 2024 (“Closing Date”), the Company acquired, in separate transactions, 100% of the outstanding membership interest in Amran LLC (“Amran”), a privately-held company based in Houston, Texas, pursuant to a Securities Purchase Agreement (the “Amran Purchase Agreement”) and through its wholly owned subsidiary, Mold-Tech Singapore PTE LTD (“Mold-Tech Singapore”), 90.1% of the capital stock of Narayan Powertech Private Limited (“Narayan”), a privately-held India-based company, pursuant to a Securities Purchase Agreement (the “Narayan Purchase Agreement”) (collectively the “Amran/Narayan Group”). With manufacturing locations in the United States and India, Amran/Narayan Group is a leading manufacturer of low voltage and medium voltage instrument transformers. Its custom product portfolio is specifically designed and developed in partnership with OEMs for their specific equipment related to electrical grid applications. This acquisition continues our portfolio strategy of focusing our higher-margin business segments in faster-growing markets. Amran/Narayan Group results are reported within the Company's Electronics segment. Total consideration for Amran aggregated $179.7 million consisting of $153.7 million in cash consideration and 152,299 shares of Standex common stock, issued out of the Company's treasury shares, with a fair value of $26.0 million. The fair value of Standex common stock issued as part of the consideration for Amran was determined on the basis of the closing market price of our common shares on the Closing Date. The total consideration for the 90.1% interest in Narayan consisted of a cash payment of $261.9 million. The Company entered into a Shareholder Agreement that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, their remaining minority interest at a contractually defined redemption value. As the redemptions are contingently redeemable at the option of the noncontrolling interest shareholders, the Company classifies the redeemable noncontrolling interest in the mezzanine equity section on the consolidated balance sheets, which is presented above the equity section and below liabilities. The repurchase price of the redeemable noncontrolling interests is the greater of the share price paid for similar shares as part of the Amran/Narayan Acquisition or 12 times twelve months' trailing EBITDA. The redeemable noncontrolling interest represents the minority shareholder's interest. Subject to receipt of regulatory approval from the Reserve Bank of India (“RBI”), Mold-Tech Singapore will acquire the remaining 9.9% of the capital stock of Narayan in a second closing for shares of Standex common stock with a fair value of $26.7 million ("Share Swap Provision"). In accounting for the subsequent measurement of the redeemable noncontrolling interest measurement adjustments pursuant to ASC 480, Distinguishing Liabilities from Equity, the Company has made accounting policy elections to record any such applicable changes on the immediate recognition of the full adjustment required to report the redeemable noncontrolling interest at its redemption value, while also electing to record such adjustments under the income method, with a corresponding offset recorded to the Net income attributable to noncontrolling interests in consolidated subsidiaries within the consolidated statement of operations for the period in which such measurement adjustment becomes required. Given the pending approval of the RBI for the second closing and share swap, the noncontrolling interest is not probable of redemption as of June 30, 2025, and accordingly no measurement adjustments have been recorded for the year ended June 30, 2025. Additionally, on October 28, 2024, as contemplated by the Narayan Purchase Agreement, the Company, Mold-Tech Singapore and the owners of the remaining 9.9% ownership interest in Narayan, which was not acquired by the Company, entered into a Shareholders’ Agreement. The Shareholders’ Agreement provides the noncontrolling interest holders with certain put rights upon the expiration of the Share Swap Provision. The noncontrolling interest holders will have the right (but not an obligation) to transfer up to their remaining interest in Narayan for a period of three years ("Put Option Period") to Mold-Tech Singapore. Subsequent to the expiration of the Put Option Period, Mold-Tech Singapore will have the right (but not an obligation) to acquire the remaining interest in Narayan for an additional three year consecutive period. The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed and noncontrolling interest based on a valuation of their fair values on the Closing Date. Goodwill recorded from this transaction is attributable to Amran/Narayan Group’s technical and applications expertise, which is highly complementary to the Company's existing business. Identifiable intangible assets of $136.0 million consist primarily of $28.7 million for indefinite lived tradenames and $107.3 million of customer relationships to be amortized over 12 years. The goodwill of $298.4 million created by the transaction is deductible for income tax purposes. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management's best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value of the noncontrolling interest in Narayan was determined based on the consideration expected to be transferred by the Company for its controlling ownership interest based on the Standex share price at the Closing Date. The following table summarizes the allocation of the aggregate total consideration for the Amran/Narayan Group to the estimated fair values of the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interest assumed (in thousands):
|  | Preliminary Allocation as of December 31, 2024 |  |  | Adjustments |  |  | Preliminary Allocation as of June 30, 2025 |
Fair value of business combination: |  |  |  |  |  |  |  |  |  |  |  |
Total cash consideration |  | $ | 414,852 |  |  | $ | 752 |  |  | $ | 415,604 |
Less: cash acquired |  |  | (7,126 | ) |  |  | 12 |  |  |  | (7,114 | )
Stock consideration |  |  | 25,953 |  |  |  | - |  |  |  | 25,953 |
Total |  | $ | 433,679 |  |  | $ | 764 |  |  | $ | 434,443 |
Identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Other acquired assets |  | $ | 11,799 |  |  | $ | - |  |  | $ | 11,799 |
Accounts receivable |  |  | 27,670 |  |  |  | (1,807 | ) |  |  | 25,863 |
Inventories |  |  | 14,017 |  |  |  | (340 | ) |  |  | 13,677 |
Customer backlog |  |  | 9,500 |  |  |  | 600 |  |  |  | 10,100 |
Property, plant, and equipment |  |  | 1,158 |  |  |  | 1,658 |  |  |  | 2,816 |
Identifiable intangible assets |  |  | 135,000 |  |  |  | 1,000 |  |  |  | 136,000 |
Goodwill |  |  | 298,938 |  |  |  | (555 | ) |  |  | 298,383 |
Deferred tax liabilities, net |  |  | (19,932 | ) |  |  | (58 | ) |  |  | (19,990 | )
Other liabilities assumed |  |  | (17,737 | ) |  |  | 266 |  |  |  | (17,471 | )
Total identifiable assets acquired and liabilities assumed |  |  | 460,413 |  |  |  | 764 |  |  |  | 461,177 |
Redeemable noncontrolling interest (see Note 18) |  |  | (26,734 | ) |  |  | - |  |  |  | (26,734 | )
Total identifiable assets, liabilities and redeemable noncontrolling interest |  | $ | 433,679 |  |  | $ | 764 |  |  | $ | 434,443 |
The initial allocation of the purchase price is based upon a preliminary valuation, and accordingly, our estimates and assumptions are subject to change as we obtain additional information during the measurement period. The Company anticipates finalizing the purchase price allocation within 12 months from the acquisition date. The following table reflects the unaudited pro forma operating results of the Company for the year ended June 30, 2025 and 2024, respectively, which give effect to the acquisition of the Amran/Narayan Group as if it had occurred effective July 1, 2023. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition been effective as of the date indicated, nor are they intended to be indicative of results that may occur in the future. The pro forma information does not include the effects of any synergies related to the Amran/Narayan Group acquisition, transactions between the entities prior to acquisition, or the pre-acquisition impact of other businesses acquired by the Company during this period as they were not material to the Company’s historical results of operations. Pro forma earnings during the periods presented were adjusted to include the following adjustments:
|  | Unaudited |
|  | Year Ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Net sales |  | $ | 826,550 |  |  | $ | 814,840 |
Net income |  |  | 87,415 |  |  |  | 72,034 |
| ● | Amortization of inventory step-up to fair value assuming inventory turns within a two-month period;
| ● | Amortization of definite-lived intangible assets recognized at fair value that exceed one year as if acquired July 1, 2023;
| ● | Non-recurring acquisition-related costs have been excluded from net income;
| ● | Interest expense (including amortization of loan discount) on the Term Loan Credit Agreement entered into in connection with the acquisition as if the loan was obtained July 1, 2023. The interest rate assumed for purposes of the pro forma financial information was 7.7% on average as the rate in agreement is a variable rate plus certain margins; an
| ● | Income tax expense (benefit) was adjusted related to the above pro forma adjustments using an estimated tax rate of 22.6%.
With respect to each of the McStarlite and Amran/Narayan Group acquisitions, the estimated fair values of the indefinite lived tradenames were determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of the tradenames assets. The cash flow projections the Company uses to estimate the fair value of the tradenames intangible assets involves several assumptions, including projected revenue growth, an estimated royalty rate, after-tax royalty savings expected from ownership of the tradenames, and a discount rate used to derive the estimated fair value of the tradenames. The estimated fair value of the customer relationships intangible assets were determined based on the income approach using the multi-period excess earnings method, which measures the economic benefit indirectly by calculating the income attributable to an asset after appropriate returns are paid to complementary assets used in conjunction with the subject asset to produce the earnings associated with the subject asset, commonly referred to as contributory asset charges. The fair value determination of the customer relationships intangible asset required us to make significant estimates and assumptions related to future cash flows and the selection of an appropriate discount rate to apply to future cash flows. The Company incurred acquisition-related costs of $14.2 million for the year ended June 30, 2025, which is reported separately in the consolidated statements of operations. From the date of acquisition, the Amran/Narayan Group has contributed $84.4 million of net sales and $13.7 million of net income for the periods ended June 30, 2025. Transactions with Related Parties of Amran/Narayan Group The Amran/Narayan Group, acquired in the second quarter of fiscal year 2025, has certain transactions with parties affiliated with current and former shareholders of the Amran/Narayan Group, including the current President of the Amran/Narayan Group entities in India. The transactions with these parties continue and are summarized as follows:
Names of related parties | Relationship with the Amran / Narayan Group
Narayan Epoxy Components Private Limited | Entity controlled by minority shareholders of Narayan
Gujarat Plug In Devices Private Limited | Narayan minority shareholders have significant ownership interest
Narayanshree Infrastructure LLP | Partners are former and current minority shareholders of Narayan
Relative of Narayan Minority Shareholders | Lessors of certain real property
At June 30, 2025, $0.4 million is due to the above related parties which is included in accounts payable in the consolidated balance sheets. During the twelve months ended June 30, 2025, payments for inventory purchases and rental payments were $2.5 million and $0.3 million, respectively. During the twelve months ended June 30, 2024, sales made to related parties were $0.1 million. Several of the Amran/Narayan Group leases in India are with Narayanshree Infrastructure LLP and directly with relatives of Narayan minority shareholders. Undiscounted cash flows expected to be paid for operating leases with related parties are as follows as of June 30, 2025:
Fiscal year | Amount ($)
2026 | 397
2027 | 409
2028 | 429
2029 | 157
2030 | 9
Thereafter | 0
Nascent Technology On November 18, 2024, the Company purchased all of the issued and outstanding equity interests of Nascent Technology Manufacturing, LLC ("Nascent") for $7.6 million, net of cash acquired. Its results are reported in the Electronics segment. The goodwill of $6.5 million created by the transaction is not deductible for income tax purposes. Custom Biogenic Systems On November 13, 2024, the Company purchases all of the issued and outstanding equity interests of Custom Biogenic Systems for $4.7 million, net of cash acquired. Its results are reported within the Company's Scientific segment. SEPL On May 3, 2024, the Company purchased all of the issued and outstanding equity interests of Sanyu Electric Pte Ltd, or SEPL, a privately held company for $3.5 million. Its results are reported within the Company's Electronics segment. The Company paid $1.1 million, net of cash acquired in the fourth quarter of fiscal year 2024. The goodwill of $1.9 million created by the transaction is not deductible for income tax purposes. Minntronix On July 31, 2023, the Company paid $29.2 million in cash for the purchase of all the issued and outstanding equity interests of Minntronix, a privately held company. Minntronix designs and manufactures customized as well as standard magnetics components and products including transformers, inductors, current sensors, coils, chokes, and filters. The products are used in applications across cable fiber, smart meters, industrial control and lighting, electric vehicles, and home security markets. Minntronix' results are reported within the Company's Electronics segment. The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on a valuation of their fair values on the closing date. Goodwill recorded from this transaction is attributable to Minntronix's technical and applications expertise, which is highly complementary to the Company's existing business. Identifiable intangible assets of $10.7 million consist primarily of $3.2 million for indefinite lived tradenames and $7.5 million of customer relationships to be amortized over 15 years. The goodwill of $13.9 million created by the transaction is not deductible for income tax purposes. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management's best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The components of the fair value of the Minntronix acquisition, including the final allocation of the purchase price are as follows (in thousands):
|  | Final Allocation as of September 30, 2024
Fair value of business combination: |  |  |
Cash payments |  |  | 33,890
Less, cash acquired |  |  | (4,661)
Total |  | $ | 29,229
Identifiable assets acquired and liabilities assumed: |  |  |
Other acquired assets |  | $ | 8,282
Customer backlog |  |  | 1,120
Inventories |  |  | 1,780
Property, plant, & equipment |  |  | 1,039
Identifiable intangible assets |  |  | 10,700
Goodwill |  |  | 13,889
Liabilities assumed |  |  | (7,581)
Total |  | $ | 29,229
Sanyu On February 19, 2024, the Company completed the purchase of all the issued and outstanding equity interests of Sanyu Switch Co., Ltd (Sanyu), a privately held company for $20.9 million, net of cash acquired. Sanyu designs and manufactures reed relays for test and measurement and other switching applications. Products include surface mount relays, high current relays, high insulation relays, high density relays for test boards, and RF relays which are used in semi-conductors, other electronics manufacturing and other switching applications. Sanyu's results are reported within the Company's Electronics segment. The Company paid $22.2 million in cash in the third quarter of fiscal year 2024 and recorded $2.5 million as holdback amounts. Holdback amounts are used to withhold a portion of the initial purchase price payment until certain post-closing conditions are satisfied and are expected to be settled within 24 months from the date of acquisition. The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on a valuation of their fair values on the closing date. Goodwill recorded from this transaction is attributable to Sanyu's technical and applications expertise, which is highly complementary to the Company's existing business. Identifiable intangible assets of $2.9 million consist primarily of $0.7 million for indefinite lived tradenames and $2.2 million of customer relationships to be amortized over 12 years. The goodwill of $9.1million created by the transaction is not deductible for income tax purposes. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management's best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The components of the fair value of the Sanyu acquisition, including the final allocation of the purchase price are as follows (in thousands):
|  | Final Allocation as of March 31, 2025
Total purchase consideration: |  |  |
Cash payments |  | $ | 22,178
Holdbacks |  |  | 2,464
Less cash acquired |  |  | (3,711)
Total |  | $ | 20,931
Identifiable assets acquired and liabilities assumed: |  |  |
Other acquired assets |  | $ | 7,991
Inventories |  |  | 5,704
Property, plant, and equipment |  |  | 4,537
Identifiable intangible assets |  |  | 2,900
Goodwill |  |  | 9,100
Liabilities assumed |  |  | (9,301)
Total |  | $ | 20,931
Acquisition Related Expenses Acquisition related expenses include costs related to acquired businesses and other pending acquisitions. These costs consist of (i) deferred compensation arrangements and (ii) acquisition related professional service fees and expenses, including financial advisory, legal, accounting, and other outside services incurred in connection with acquisition activities, and regulatory matters related to acquired entities. These costs do not include purchase accounting expenses, which the Company defines as acquired backlog and the step-up of inventory to fair value, or the amortization of the acquired intangible assets. Acquisition related expenses were $21.4 million, $2.6 million and $0.6 million for fiscal years 2025, 2024 and 2023, respectively.

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