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ACQUISITION | 9 Months Ended
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Sep. 30, 2016
ACQUISITION |
ACQUISITION | 2.ACQUISITION Acquisition of Heidrive In December 2015, the Company, through its wholly-owned subsidiary, Allied Motion Technologies B.V., entered into a Share Purchase Agreement (the “Purchase Agreement”) to purchase all of the outstanding equity interests of Heidrive GmbH, a German limited liability company (“Heidrive”) from palero fünf S.à r.l for $22,000 (approximately €20,000), which included certain management performance bonuses to be paid after closing. The adjusted purchase price as of January 12, 2016 is $18,378 (€16,924). At the end of the first quarter, the adjusted purchase price was $19,329 (€17,800). During the second quarter, the purchase price was reduced by $951 (€876) for a seller concession that was finalized. There were no adjustments to the purchase price during the quarter ended September 30, 2016. The purchase price was funded with cash of $7,519 ($8,470 less the Seller concession of $951, or €6,924) plus $10,859 (€10,000) of borrowings under the Company’s international revolving credit facility (Note 9). Heidrive is headquartered in Kelheim, Germany, and has manufacturing facilities located in Germany and the Czech Republic. The Company incurred $467 of transaction costs in 2015 and $135 in 2016 related to the acquisition of Heidrive. Transaction costs are included in Business Development expenses on the consolidated statements of income and comprehensive income. The purchase price was allocated to the underlying net assets based on fair value as of the acquisition date, as follows (in thousands):
|  | January 12, 2016 |
Cash |  | $ | 2,329 |
Other current assets |  | 5,652 |
Property, plant and equipment |  | 4,002 |
Amortizable intangible assets |  | 7,710 |
Goodwill |  | 10,025 |
Current liabilities |  | (7,696 | )
Long-term liabilities |  | (3,644 | )
Net purchase price |  | $ | 18,378 |
The purchase price allocation has been revised to reflect an updated valuation of intangible assets and property, plant and equipment. The purchase price allocation may be subject to further adjustment to reflect, among other things, any adjustments to income taxes and the offsetting adjustments to goodwill. The intangible assets acquired consist of customer lists, tradename, and technology. Goodwill generated in the acquisition is related to the assembled workforce, synergies between Allied Motion’s other Technology Units (“TUs”) that will occur as a result of the combined engineering knowledge, the ability of each of the TUs to integrate each other’s products into more fully integrated system solutions and Allied Motion’s ability to utilize Heidrive’s management knowledge in providing complementary product offerings to the Company’s customers.

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