Acquisitions Acquisitions (Notes) |
3 Months Ended |
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Apr. 02, 2021 | |
Business Combinations [Abstract] | |
Acquisition | Acquisitions The Company completed one acquisition in its Fabrication Technology segment and two acquisitions in its Medical Technology segment during the three months ended April 2, 2021 for total consideration, net of cash received, of $88.7 million. The acquisitions are accounted for under the acquisition method of accounting, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the respective acquisition date. The Company also made two investments in medical technology businesses during the three months ended April 2, 2021 for a total of $14.8 million. Both investments are carried at cost, as they do not have a readily determinable fair value. Acquisitions in the Medical Technology segment included Trilliant Surgical (“Trilliant”), a national provider of foot and ankle orthopedics implants. The product technologies of Trilliant support the Medical Technology segment’s focused expansion into the adjacent foot and ankle market. Trilliant has a broad product portfolio that covers the full universe of foot reconstructive and fixation procedures, and includes the novel Arsenal Foot Plating System, designed for greater flexibility and speed of implant placement. The acquisition was completed for $82.3 million cash consideration, subject to certain adjustments. Net working capital and intangible assets acquired represent 18% and 46% of the total consideration paid, respectively, with the residual amount primarily attributable to Goodwill. All of the Goodwill acquired is expected to be deductible for income tax purposes. The estimated proforma annual revenues of the Trilliant acquisition are approximately 1% of Colfax consolidated revenues.
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