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Acquisitions of Weilos and Miami Franchise | 6 Months Ended
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Jul. 02, 2016
Acquisitions of Weilos and Miami Franchise |
5. | Acquisitions of Weilos and Miami Franchise
On March 11, 2015, the Company acquired for a purchase price of $6,674 Weilos, a California-based startup with an online social platform that provides a mobile health and weight loss community. Payment was in the form of common stock issued ($2,810), restricted stock issued ($114) and cash ($2,775) plus cash in reserves ($975). The total purchase price of Weilos has been allocated to goodwill ($5,588), identifiable intangibles ($1,741) and other assets ($24) offset by deferred tax liabilities ($679). Restricted shares with a fair value at the date of grant ($908) were issued to key employees, contingent upon 18 months post-combination employment, and are accounted for as stock compensation cost in the post-combination financial statements. As a result of the acquisition, Weilos became a wholly owned subsidiary of the Company and the Company began to consolidate the entity as of the date of acquisition. The acquisition resulted in goodwill related to, among other things, expected synergies in operations. The goodwill is not deductible for tax purposes. On June 27, 2016, the Company acquired substantially all of the assets of its franchisee for certain territories in South Florida, Weight Watchers of Greater Miami, Inc., for a purchase price of $3,250. Payment was in the form of cash of ($2,898) plus cash in reserves ($300) and assumed net liabilities of ($52). The total purchase price of the franchisee has been preliminarily allocated to franchise rights acquired ($114), goodwill ($2,945), and customer relationship value ($191). The acquisition of franchisee has been accounted for under the purchase method of accounting and, accordingly, earnings of acquired franchisee has been included in the consolidated operating results of the Company since the date of acquisition. The goodwill is expected to be deductible for tax purposes.

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