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Business acquisition
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business acquisition Business acquisition
MacKellar Group
On October 1, 2023, the Company acquired 100% of the shares and business of MacKellar Group (“MacKellar”), a privately owned Australia-based provider of heavy earthworks solutions to the mining and civil sectors for total consideration of $179,668 including a cash payment and contingent consideration comprised of a contingent payment based on forecasted performance for a specific customer which is expected to be paid in full, an earn-out mechanism based on MacKellar’s future net income generated over four years, and deferred consideration which is a vendor provided debt mechanism to be paid out evenly over four years and is estimated based on unaudited financial statements at closing. The acquisition of MacKellar significantly expands the Company's capability and allows the Company to serve a highly valuable and diversified base of customers globally.
The following table summarizes the total consideration paid for MacKellar and the fair values of the assets acquired and liabilities assumed at the acquisition date:
October 1, 2023
Cash consideration$65,572 
Earn-out at estimated fair value79,839 
Deferred consideration at estimated fair value27,014 
Contingent payment at estimated fair value7,243 
Total consideration transferred$179,668 
Equipment financing assumed203,946 
Total purchase price$383,614 
Purchase price allocation to assets acquired and liabilities assumed:
Cash$13,901 
Accounts receivable65,033 
Contract assets713 
Inventories12,155 
Prepaid expenses2,187 
Property, plant and equipment394,394 
Investments in affiliates and joint ventures85 
Intangible assets690 
Accounts payable(45,829)
Accrued liabilities(22,464)
Other long-term obligations(16,934)
Deferred income tax liabilities(20,317)
Third party equipment financing assumed:
Financing obligations(173,430)
Finance leases(30,516)
Total identifiable net assets at fair value$179,668 
NACG’s existing Credit Facility funded the partial payout of equipment financing assumed as part of the Transaction in the amount of $73,657 for financing obligations and $18,509 for finance leases.
The gross amount of accounts receivable approximated its fair value with no expected uncollectible amounts as of the acquisition date. The Company engaged a third-party specialist to determine the fair value of the property, plant and equipment using a market based approach, based primarily on the selling price of comparable assets.
During the years ended December 31, 2024, and 2023, the Company recognized $561,944 and $122,519, respectively, of revenue and $64,763 and $13,946, respectively, of net income from MacKellar recorded in the Consolidated Statement of Operations and Comprehensive Income.
The following unaudited pro forma information reflects the impact of the transaction on the Company's consolidated results as if it had occurred on January 1, 2022.
Year ended December 31,20232022
Revenue$1,296,328 $1,086,460 
Net income89,658 78,261 
These pro forma amounts have been calculated after applying NACG accounting policies and adjusting the results of MacKellar to reflect the depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant, and equipment had been applied from January 1, 2022, with the consequential tax effects.
The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred on January 1, 2022, nor are they indicative of future results of operations.