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Nu Aire Acquisition (Tables) | 9 Months Ended
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Jan. 31, 2025
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the aggregate acquisition consideration for Nu Aire:
($ in thousands) |  |
Cash paid to Nu Aire |  | $ | 29,669 |
Subordinated Promissory Notes due to Nu Aire |  | 23,000 |
Payment of Nu Aire transaction expenses |  | 311 |
Purchase Price |  | $ | 52,980 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The January 31, 2025 Consolidated Balance Sheet includes the assets and liabilities of Nu Aire. The preliminary allocation of purchase price recorded for Nu Aire was as follows:
($ in thousands) |  |
Assets acquired: |  |
Cash and cash equivalents |  | $ | 1,245 |
Receivables |  | 10,650 |
Inventories |  | 13,744 |
Prepaid expenses and other current assets |  | 852 |
Property, plant and equipment |  | 7,349 |
Other intangible assets |  | 18,600 |
Goodwill |  | 14,150 |
Right of use assets |  | 7,376 |
Other assets |  | 7 |
Total assets acquired |  | 73,973 |
Liabilities assumed: |  |
Current portion of operating lease liabilities |  | (965) |
Accounts payable |  | (4,318) |
Employee compensation and amounts withheld |  | (2,642) |
Deferred revenue |  | (935) |
Other accrued expenses |  | (1,591) |
Long-term portion of operating lease liabilities |  | (5,167) |
Deferred income taxes |  | (5,375) |
Total liabilities assumed |  | (20,993) |
Preliminary aggregate acquisition consideration |  | $ | 52,980 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows:
($ in thousands) |  | Preliminary Fair Value |  | Estimated Useful Life
Customer relationships |  | $ | 9,800 |  |  | 10 years
Trade names and trademarks |  | 4,900 |  |  | indefinite
Developed technology |  | 3,900 |  |  | 7 years
Intangible assets acquired |  | $ | 18,600 |  |  |
Schedule of Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows:
($ in thousands) |  | Preliminary Fair Value |  | Estimated Useful Life
Customer relationships |  | $ | 9,800 |  |  | 10 years
Trade names and trademarks |  | 4,900 |  |  | indefinite
Developed technology |  | 3,900 |  |  | 7 years
Intangible assets acquired |  | $ | 18,600 |  |  |
Business Acquisition, Pro Forma Information | The following unaudited supplemental pro forma combined financial information presents the Company's results of operations for the three and nine months ended January 31, 2025 and 2024 as if the acquisition of Nu Aire had occurred on May 1, 2023. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the Company's operating results that may have actually occurred had the acquisition of Nu Aire been completed on May 1, 2023. In addition, the unaudited pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies, or other synergies that may be associated with the Transaction, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Nu Aire.
| Three Months Ended January 31, |  | Nine Months Ended January 31,
($ in thousands, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 67,167 |  |  | $ | 66,914 |  |  | $ | 199,548 |  |  | $ | 208,948 |
Net earnings | 1,856 |  |  | 3,284 |  |  | 6,812 |  |  | 7,905 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders: |  |  |  |  |  |  |
Basic | $ | 0.65 |  |  | $ | 1.14 |  |  | $ | 2.38 |  |  | $ | 2.74 |
Diluted | $ | 0.62 |  |  | $ | 1.11 |  |  | $ | 2.29 |  |  | $ | 2.70 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of characteristics and cost, by total and major class, of indefinite-lived intangible assets acquired as part of a business combination. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. The future benefit is not expected to diminish over a stated period of time. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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