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BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Schedule of Total Consideration Transferred and Aggregate Amount of Assets Acquired and Liabilities Assumed for 2020 Acquisitions
The following table summarizes the total consideration for 2020 transferred to acquire these companies and in aggregate the amount of identified assets acquired and liabilities assumed at the acquisition dates. The Company is in the process of finalizing third-party valuations of certain intangible assets; thus, the provisional measurements of intangible assets, goodwill and deferred income tax liabilities are subject to change. In addition, the company continues to finalize inventory, ROU Assets and Liabilities as well as other assets acquired.

As described above, the acquisitions of Pumping Systems Inc and Turbo Machinery Repair closed in January and February 2020, respectively. Since their acquisition, they have contributed approximately $19.6 million in revenue and $0.8 million in net income for the year ended December 31, 2020.

None of these acquisitions were individually material. Two of these acquisitions, PSI and Turbo, contributed revenue and net income (loss) which comprised approximately 1.9% and (2.9)%, respectively, of the Company’s consolidated results for the year ended December 31, 2020.



Purchase Price Consideration (in thousands)Total Consideration
Cash payments$115,247 
Fair value of stock issued (1,480,909 shares)
29,367 
Total consideration transferred$144,614 
Cash$1 
Accounts Receivable20,204 
Inventory8,567 
Other Current Assets190 
Property and equipment1,811 
Non-compete agreements2,332 
Customer relationships37,465 
Goodwill90,722 
Other assets696 
Assets acquired$161,988 
Current liabilities assumed(10,674)
Deferred tax liability(6,700)
Net assets acquired$144,614 
Schedule of Pro Forma Information
The following represents the pro forma unaudited revenue and earnings as if each of the six 2020 acquisitions had been included in the consolidated results of the Company for the full years ending December 31, 2020 and 2019, respectively:

Years Ended December 31,
20202019
(in thousands/unaudited)
Revenue$1,129,610 $1,423,805 
Net income (loss)$(15,148)$41,219