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BUSINESS ACQUISITIONS | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS The Company enters into strategic acquisitions in an effort to better service existing customers and to attract new customers. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its estimate of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sources. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments. During the first quarter of 2025, the Company acquired one business for a total of $12.9 million. We acquired this company to expand our platforms and to maintain our leading position as the largest distributor of rotating equipment in North America. During the second quarter of 2025, the Company acquired one business for a total of $1.0 million. We acquired this company to expand our geographic coverage and to maintain our leading position as the largest distributor of rotating equipment in North America. A summary of the preliminary allocation of the total purchase consideration of our business acquisition during the six months ended June 30, 2025 is presented as follows (in thousands):
|  | Q1 2025 |  | Q2 2025 |  | Total
Total Acquisitions |  | 1 |  | 1 |  | 2
Cash payments |  | $ | 12,851 |  |  | $ | 1,009 |  |  | $ | 13,860 |
Total purchase price consideration |  | $ | 12,851 |  |  | $ | 1,009 |  |  | $ | 13,860 |
Tangible assets acquired |  | 8,030 |  |  | 909 |  |  | 8,939 |
Intangible assets acquired |  | 3,284 |  |  | 203 |  |  | 3,487 |
Total assets acquired |  | $ | 11,314 |  |  | $ | 1,112 |  |  | $ | 12,426 |
Total liabilities assumed |  | (4,983) |  |  | (508) |  |  | (5,491) |
Net assets acquired |  | 6,331 |  |  | 604 |  |  | 6,935 |
Goodwill |  | $ | 6,520 |  |  | $ | 405 |  |  | $ | 6,925 |
The total purchase consideration related to our acquisitions for the six months ended June 30, 2025 consisted of cash consideration. The total cash and cash equivalents acquired for these acquisitions was $0.1 million. Transaction-related costs included within selling, general, and administrative expenses in the consolidated statements of operations was $0.5 million for the six months ended June 30, 2025. The goodwill total of approximately $6.9 million for the six months ended June 30, 2025 assigned to our SC segment was primarily attributable to expected synergies and the assembled workforce of the entities. The total amount of goodwill expected to be deductible for tax purposes is $6.5 million. The acquisitions' operating results are included within the Company's consolidated statements of operations from the date of acquisition, which were not material for the six months ended June 30, 2025. Pro forma results of operations information have not been presented, as the effects of the acquisitions were not material to our financial results. Of the $3.5 million of acquired intangible assets, $0.2 million was provisionally assigned to non-compete agreements that are subject to amortization over 5 years, and $3.3 million was assigned to customer relationships and will be amortized over a period of 8 years.

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