Acquisition (Tables)

3 Months Ended

Mar. 30, 2019

The following table summarizes the values of the assets acquired and liabilities assumed at the date of the acquisition:



(In thousands)	Allocation as of December 29, 2018
Cash and net working capital assets (excluding inventory)	$	88,318
Inventory		159,227
Property and equipment		71,203
Other, net		(1,395	)
Intangible assets and goodwill:
Customer relationships		25,500
Non-compete agreements		8,254
Trade names		6,826
Favorable leasehold interests		800
Goodwill		47,772
Finance leases and other liabilities		(44,753	)
Cash purchase price	$	361,752

The purchase price of Cedar Creek consisted of the following items:



	(In thousands)
Consideration paid to shareholders and amounts paid to creditors:
Payments to Cedar Creek shareholders^[1]	$	166,447
Subordinated unsecured note (due to shareholder)^[2]		13,743
Seller’s transaction costs paid by Company		7,349
Add: pay off of Cedar Creek debt^[3]		174,213
Total cash purchase price	$	361,752

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[1]	Payments to Cedar Creek’s shareholders include the purchase of common stock and certain escrow adjustments.



[2]	The Cedar Creek note payable to a shareholder of $13.7 million was paid in full upon the acquisition of Cedar Creek and included $10 million in subordinated debt and $3.7 million in accrued interest.



[3]	To finance the acquisition of Cedar Creek, the Company amended and restated its Revolving Credit Facility to increase the availability thereunder to $600.0 million and also entered into a new $180.0 million senior secured Term Loan Facility (See Note 5).

The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2017:



	Pro forma
	Three Months Ended
(In thousands, except per share data)	March 30, 2019			March 31, 2018
Net sales	$	638,701		$	784,267
Net loss	(3,294		)	(9,109		)
Earnings (loss) per common share:
Basic	$	(0.35	)	$	(1.00	)
Diluted	(0.35		)	(1.00		)