On July 30, 2021, the Company acquired the assets of Trilogy, a custom rotational molder specializing in high quality parts and assemblies, which is included in the Materials Handling Segment. The Trilogy acquisition aligns with the Company’s long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The purchase price for the acquisition was $34.5 million, including a working capital adjustment of $0.3 million that was paid in November 2021. The Company funded the acquisition with proceeds from the Loan Agreement described in Note 11.

The acquisition of Trilogy was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. There were no measurement period adjustments recorded in the quarter ended March 31, 2022. The purchase accounting will be finalized within one year from the acquisition date.


Assets acquired:
Accounts receivable	$	3,929
Inventories		2,752
Prepaid expenses		63
Other assets - long term		93
Property, plant and equipment		4,903
Right of use asset - operating leases		8,685
Intangible assets		14,333
Goodwill		10,003
Assets acquired	$	44,761

Liabilities assumed:
Accounts payable	$	765
Accrued expenses		777
Operating lease liability - short term		576
Operating lease liability - long term		8,108
Total liabilities assumed		10,226

Net acquisition cost	$	34,535

The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes.

The intangible assets included above consist of the following:


	Fair Value		Weighted Average Estimated Useful Life
Customer relationships	$	12,463	18.0 years
Trade name		1,870	10.0 years
Total amortizable intangible assets	$	14,333

On November 10, 2020, the Company acquired the assets of Elkhart Plastics, Inc. ("Elkhart Plastics"), a manufacturer of engineered products for the RV, marine, agricultural, construction, truck and other industries, which is included in the Company’s Material Handling Segment. The Elkhart Plastics acquisition aligns with the Company’s long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The purchase price for the acquisition was $63.8 million, including a working capital adjustment of $1.2 million, which was settled in 2021. The Company funded the acquisition using available cash.