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Business Combinations | 12 Months Ended
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Dec. 31, 2017
Business Combinations |
Business Combination | 17. Business Combinations
| A) | Acquisition of the assets of Spill Magic, Inc.
On February 1, 2017, the Company purchased the assets of Spill Magic, Inc., located in Santa Ana, CA and Smyrna, TN for $7.2 million in cash. The Spill Magic products are leaders in absorbents that encapsulate spills into dry powders that can be safely disposed. Many large retail chains use its products to remove liquids from broken glass containers, oil and gas spills, bodily fluids and solvents. The purchase price was allocated to assets acquired as follows (in thousands):
Assets: |  |  |  |
Accounts Receivable |  | $ | 684 |
Inventory |  |  | 453 |
Equipment |  |  | 296 |
Intangible Assets |  |  | 5,066 |
Goodwill |  |  | 748 |
Total assets |  | $ | 7,247 |
Assuming Spill Magic assets were acquired on January 1, 2017, unaudited pro forma combined net sales for the twelve months ended December 31, 2017 for the Company would have been approximately $131.0 million. Unaudited pro forma combined net income for the twelve months ended December 31, 2017 for the Company would have been approximately $3.9 million. Net sales for the twelve months ended December 31, 2017 attributable to Spill Magic products were approximately $6.5 million. Net income for the twelve months ended December 31, 2017 attributable to Spill Magic products was approximately $0.8 million. Assuming Spill Magic assets were acquired on January 1, 2016, unaudited proforma combined net sales for the twelve months ended December 31, 2016, for the Company would have been approximately $130.9 million. Unaudited proforma combined net income for the twelve months ended December 31, 2016 for the Company would have been approximately $5.5 million.
| B) | Acquisition of the assets of Vogel Capital, Inc
On February 1, 2016, the Company acquired the assets of Vogel Capital, Inc., d/b/a Diamond Machining Technology (DMT) for $6.97 million in cash. DMT products are leaders in sharpening tools for knives, scissors, chisels, and other cutting tools. The DMT products use finely dispersed diamonds on the surfaces of sharpeners. The acquired assets include over 50 patents and trademarks. The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):
Assets: |  |  |  |
Accounts Receivable |  | $ | 1,145 |
Inventory |  |  | 280 |
Equipment |  |  | 262 |
Prepaid expenses |  |  | 176 |
Intangible Assets |  |  | 2,939 |
Goodwill |  |  | 2,542 |
Total assets |  | $ | 7,344 |
Liabilities |  |  |  |
Accounts Payable |  | $ | 192 |
Accrued Expense |  |  | 181 |
Total liabilities |  | $ | 373 |
Assuming DMT was acquired on January 1, 2016, unaudited proforma combined net sales for the twelve months ended December 31, 2016 for the Company would have been approximately $125.2 million. Unaudited proforma combined net income for the twelve months ended December 31, 2016 for the Company would have been approximately $5.9 million.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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