XML 33 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Business Combinations and Acquisitions
 9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Business Combinations and Acquisitions

13. Business Combinations and Acquisitions

GreenHaven Acquisition

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 primarily represents potential future performance of the funds), 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   
  

 

 

  

Total assets acquired

    $ 11,957   

Less: Liabilities

      (132 ) 
  

 

 

  

Total

    $ 11,825   
  

 

 

  

Boost Acquisition

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 interest. As a result, the Company recognized $5,993 of expense for the three months ended June 30, 2016 as an acquisition payment on the Company’s Consolidated Statements of Operations to reflect the purchase price and other related expenses.