Business Acquisitions

9 Months Ended

Sep. 30, 2024

15. Business Acquisitions — On October 5, 2023, the Company completed the acquisition of all outstanding stock of Punto Verde S.A. Punversa (Punto Verde), a well-established distributor in Guayaquil, Ecuador, to strengthen its product portfolio and market access in the Latin American region. The Company paid cash consideration of $4,492, which was net of cash acquired of $233. The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows:


	Preliminary Allocation at December 31, 2023			Adjustments recorded in 2024			Final Allocation
Trade receivables	$	1,883		$	—		$	1,883
Inventory and other current assets		1,330			—			1,330
Property, plant, and equipment		45			90			135
Customer relationships		—			1,300			1,300
Product registrations and product rights		104			396			500
Goodwill		2,948			(1,339	)		1,609
Liabilities assumed		(1,818	)		(447	)		(2,265	)
Total	$	4,492		$	—		$	4,492

Liabilities assumed include liabilities of $447 related to income tax matters. Goodwill is not expected to be deductible for income tax purposes. The operating results of Punto Verde have been included in the Company's consolidated statements of operations from the date of acquisition. Pro-forma financial information is not included herein as the pro-forma impact of the acquisition is not material.