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Business Combinations
12 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Business Combinations

10) Business Combinations

 During fiscal 2021, the Company acquired two propane and three heating oil dealers for approximately $42.5 million; $40.7 million in cash and $1.8 million of deferred liabilities.  The gross purchase price was allocated $37.3 million to goodwill and intangible assets, $6.2 million to fixed assets and reduced by $1.0 million in working capital credits. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on their respective acquisition date, and are not material to the Company’s financial condition, results of operations, or cash flows.

During fiscal 2020, the Company acquired two heating oil dealers for approximately $3.3 million; $3.0 million in cash and $0.3 million of deferred liabilities.  The gross purchase price was allocated $3.2 million to goodwill and intangible assets, $0.6 million to fixed assets and reduced by $0.5 million in working capital credits. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on their respective acquisition date, and are not material to the Company’s financial condition, results of operations, or cash flows. The Company also completed the purchase of fixed assets related to a fiscal 2019 acquisition of a heating oil dealer for an aggregate purchase price of approximately $1.2 million.

During fiscal 2019, the Company acquired one of its subcontractors, a liquid product dealer and the assets of a propane dealer for an aggregate purchase price of approximately $60.9 million.  The following table summarizes the final fair values and purchase price allocations in aggregate of the assets acquired and liabilities assumed related to the fiscal 2019 acquisitions as of the respective acquisition dates.

 

(in thousands)

 

As of Acquisition Date

 

Receivables

 

$

6,887

 

Inventories

 

 

2,105

 

Prepaid expenses and other current assets

 

 

89

 

Property and equipment, net

 

 

14,926

 

Intangibles

 

 

28,599

 

Accrued expenses and other current liabilities

 

 

(366

)

Unearned service contract revenue

 

 

(2,800

)

Customer credit balances

 

 

(3,399

)

Other long-term liabilities

 

 

(1,275

)

Total net identifiable assets acquired

 

$

44,766

 

 

 

 

 

 

Total consideration

 

$

60,904

 

Less: Total net identifiable assets acquired

 

 

44,766

 

Goodwill

 

$

16,138