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Acquisitions, Goodwill and Intangible Asset
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Acquisitions, Goodwill and Intangible Asset

10. Acquisitions, Goodwill and Intangible Asset

Acquisitions

GreenHaven

Effective January 1, 2016, the Company completed the acquisition of 100% of the issued and outstanding membership interest in each of GreenHaven Commodity Services, LLC, the managing owner of the GreenHaven Continuous Commodity Index Fund, and GreenHaven Coal Services, LLC, the sponsor of the GreenHaven Coal Fund, from GreenHaven, LLC and GreenHaven Group LLC, respectively, for approximately $11,800 in cash. As part of the acquisition, the Company recognized an intangible asset of approximately $10,000 and goodwill of approximately $1,800, which is deductible for tax purposes.

The following table summarizes the purchase price allocation:

 

Fair value acquired:

   

Assets

    $ 205   

Goodwill

      1,799   

Intangible asset

      9,953   
  

 

 

  

Less: Liabilities

      (132 ) 
  

 

 

  

Total

    $ 11,825   
  

 

 

  

 

Boost

In April 2014, the Company expanded into Europe through a 75% majority investment in U.K. based ETP sponsor Boost, with an obligation to buy out the remaining minority investment in four years. In May 2016, the Company accelerated the buyout and completed the purchase of the remaining minority stake. As a result, the Company recognized $5,993 of expense as an acquisition payment on the Company’s Consolidated Statements of Operations to reflect the purchase and other related expenses.

Goodwill

The following table summarizes the goodwill activity during the period:

 

Balance at December 31, 2015

      1,676   

Goodwill acquired during the period

      1,799   
  

 

 

  

Balance at June 30, 2016

    $ 3,475   
  

 

 

  

Intangible Asset

As part of its acquisition of GreenHaven, the Company identified an intangible asset related to its customary advisory agreement with the GreenHaven ETFs for $9,953. This intangible asset was determined to have an indefinite useful life, which is deductible for tax purposes.