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Acquisitions (Tables)
9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the allocation of the total purchase price of approximately $4.3 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s preliminary estimates of fair value (in thousands):
Purchase Price Allocation
Cash$2,281 
Accounts Receivable1,448 
Inventories1,306 
Prepaid expenses135 
PP&E2,422 
Goodwill1,145 
Intangible assets575 
Other assets18 
Total assets acquired9,330 
Accounts payable(429)
Accrued expenses(1,203)
Deferred revenue(661)
Deferred income taxes(461)
Total liabilities assumed(2,753)
Total assets acquired, net of liabilities assumed6,577 
Less: cash acquired(2,281)
Purchase price, net of cash acquired$4,295 
The following table summarizes the allocation of the total purchase price of approximately $7.6 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s preliminary estimates of fair value (in thousands):
Purchase Price Allocation
Cash$194 
Accounts Receivable676 
Inventories284 
PP&E432 
Goodwill3,163 
Intangible assets3,175 
Total assets acquired7,924 
Accounts payable(4)
Accrued expenses(106)
Total liabilities assumed(110)
Total assets acquired, net of liabilities assumed7,814 
Less: cash acquired(194)
Purchase price, net of cash acquired$7,620 
The following table summarizes the allocation of the total purchase price of approximately $5.0 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands):
Purchase Price Allocation
Cash$815 
Accounts receivable872 
Inventory494 
Other current assets24 
Property, plant, and equipment1,018 
Customer lists250 
Intellectual property300 
Non-compete agreement50 
Goodwill2,559 
Total assets acquired6,382 
Accounts payable(41)
Accrued expenses(519)
Total liabilities assumed(560)
Total assets acquired, net of liabilities assumed5,822 
Less: cash acquired(815)
Purchase price, net of cash acquired$5,007 
The following table summarizes the allocation of the total purchase price of approximately $110.7 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands):
Purchase Price Allocation
Cash$3,000 
Accounts receivable17,138 
Inventory9,229 
Other current assets210 
Property, plant, and equipment1,127 
Customer lists46,667 
Intellectual property8,245 
Non-compete agreement661 
Lease right of use assets2,129 
Goodwill35,650 
Total assets acquired124,056 
Accounts payable(1,103)
Accrued expenses(7,092)
Lease liabilities(2,129)
Total liabilities assumed(10,324)
Total assets acquired, net of liabilities assumed113,732 
Less: cash acquired(3,000)
Purchase price, net of cash acquired$110,732 
The following table summarizes the allocation of the total purchase price of approximately $35.2 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands):
Purchase Price Allocation
Cash$3,817 
Accounts receivable1,506 
Inventory1,969 
Other current assets115 
Property, plant, and equipment824 
Customer lists4,209 
Intellectual property9,707 
Non-compete agreement186 
Lease right of use assets166 
Goodwill17,135 
Total assets acquired39,634 
Accounts payable(215)
Accrued expenses(215)
Lease liabilities(166)
Total liabilities assumed(596)
Total assets acquired, net of liabilities assumed39,038 
Less: cash acquired(3,817)
Net assets acquired, net of cash acquired$35,221 
The following table summarizes the allocation of the total purchase price of approximately $47.7 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands):
Purchase Price Allocation
Cash$3,381 
Accounts receivable2,237 
Inventory1,150 
Other current assets204 
Property, plant, and equipment976 
Customer lists14,206 
Intellectual property2,760 
Non-compete agreement333 
Tradename690 
Lease right of use assets1,723 
Equity Method Investment6,969 
Goodwill22,925 
Total assets acquired57,554 
Accounts payable(1,890)
Accrued expenses(535)
Deferred taxes(2,322)
Lease liabilities(1,723)
Total liabilities assumed(6,470)
Total assets acquired, net of liabilities assumed51,084 
Less: cash acquired(3,381)
Purchase price, net of cash acquired$47,703 
Schedule of Business Combination, Pro Forma Information
The following table contains an unaudited pro-forma consolidated statement of comprehensive income for the three and nine months ended September 30, 2025 and 2024 as if the collective acquisitions of TPI and UNIPEC had occurred on January 1, 2024 and as if the collective acquisitions of Marble, AJR, Welch, and AQF had occurred on January 1, 2023 (in thousands):
Three months endedNine months ended
September 30,September 30,
2025202420252024
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Sales$157,355 $150,137 $461,621 $440,327 
Operating Income$23,546 $25,600 $72,572 $70,225 
Net Income$16,511 $16,891 $52,056 $47,583 
Earnings per share:
Basic$2.14 $2.20 $6.76 $6.21 
Diluted$2.12 $2.17 $6.69 $6.13