ACQUISITIONS (Tables)

6 Months Ended

Mar. 31, 2015

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

ACQUISITIONS

On May 21, 2014, AMES acquired the Australian Garden and Tools business of Illinois Tool Works, Inc. (“Cyclone”) for approximately $40,000, including a $4,000 working capital adjustment. Cyclone, which was integrated with AMES, offers a full range of quality garden and hand tool products sold under various leading brand names including Cyclone®, Nylex® and Trojan®, designed to meet the requirements of both the Do-it-Yourself and professional trade segments. Selling, General and Administrative ("SG&A") expenses included $2,363 of related acquisition costs recorded in the third and fourth quarters of 2014.

On December 31, 2013, AMES acquired Northcote Pottery (“Northcote”), founded in 1897 and a leading brand in the Australian outdoor planter and decor market, for approximately $22,000. Northcote, which was integrated with AMES, complements Southern Patio, acquired in 2011, and, with Cyclone, adds to AMES’ existing lawn and garden operations in Australia. First quarter 2014 SG&A expenses included $798 of related acquisition costs.

The accounts of the acquired companies, after adjustment to reflect fair market values (level 3 inputs), have been included in the consolidated financial statements from the date of acquisition; in each instance, acquired inventory was not significant. Griffon is in the process of finalizing the initial purchase price allocation for Cyclone as of the date of these financial statements, primarily with respect to the finalization of tax accounts.

The following table summarizes the fair values of the Cyclone and Northcote assets and liabilities as of the date of acquisition:



	Cyclone			Northcote			Total
Current Assets, net of cash acquired	$	21,116		$	7,398		$	28,514
PP&E	488			1,385			1,873
Goodwill	11,322			11,254			22,576
Amortizable intangible assets	11,608			6,098			17,706
Indefinite life intangible assets	3,548			3,121			6,669
Total assets acquired	48,082			29,256			77,338
Total liabilities assumed	(8,557		)	(7,475		)	(16,032		)
Net assets acquired	$	39,525		$	21,781		$	61,306

Schedule of Intangible Assets and Goodwill

mounts assigned to major intangible assets, none of which are tax deductible, for Cyclone and Northcote are as follows:



	Cyclone		Northcote		Total	Amortization Period (Years)
Goodwill	$	11,322	$	11,254	22,576	N/A
Tradenames	3,548		3,121		6,669	Indefinite
Customer relationships	11,608		6,098		17,706	25
	$	26,478	$	20,473	46,951