Acquisitions

2015

On January 28, 2015, the Company acquired the assets of Enoserv LLC (Enoserv), headquartered in Tulsa, Oklahoma, for $20.5 million in cash. Enoserv provides utility customers with high quality, user-friendly multi-platform software and has annual revenues of approximately $8 million. Since the date of acquisition the operating results for Enoserv have been included as part of Doble within the Company’s USG segment. Based on the preliminary purchase price allocation, the Company recorded approximately $10.0 million of goodwill and $9.0 million of amortizable identifiable intangible assets consisting primarily of customer relationships and developed technology.

2013

During 2013, the Company made three acquisitions:

• It acquired the stock of Canyon Engineering Products, Inc. (“Canyon”) for $9.2 million in cash, and purchased Canyon’s 70,000 square foot manufacturing facility in Valencia, California for $7 million in cash. The Company recorded approximately $1.3 million of goodwill related to the transaction and $1.7 million of amortizable identifiable intangible assets consisting primarily of customer relationships. Canyon’s products, technology and customers were very similar to those of Crissair, Inc. The operating results for Canyon since the date of acquisition were included as part of Crissair within the Company’s Filtration segment, and during 2014, Canyon’s and Crissair’s operations were completely consolidated into the Valencia facility.

• It acquired the assets of Felix Tool & Engineering, Inc. (“Felix Tool”) for a purchase price of $1.2 million in cash. The purchase price was allocated to property, plant and equipment and inventory based on fair market value at the date of acquisition and there were no intangible assets recorded upon the transaction. Felix Tool was engaged in the design, manufacture and sale of customized perforated tubes for filtration applications in the aerospace and fluid power industry, and the operating results for this business since the date of acquisition have been included as part of PTI in the Filtration segment.

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It acquired the assets of Finepoint Marketing, Inc. (“Finepoint”) for a purchase price of $2.5 million. The Company recorded approximately $1.3 million of goodwill as a result of the transaction and $1.2 million of amortizable identifiable intangible assets consisting of customer relationships. Finepoint was the electric power industry’s leading conference provider focused on medium and high voltage circuit breakers, as well as related substation and switchgear topics, and the operating results for this business since the date of acquisition have been included as part of Doble in the USG segment.

All of the Company’s acquisitions have been accounted for using the purchase method of accounting and accordingly, the respective purchase prices were allocated to the assets (including intangible assets) acquired and liabilities assumed based on estimated fair values at the date of acquisition. The financial results from these acquisitions have been included in the Company’s financial statements from the date of acquisition. Pro forma financial information related to the Company’s acquisitions was not presented as it was not significant to the Company’s results of operations. None of the goodwill recorded as part of the acquisitions mentioned above is expected to be deductible for U.S. Federal or state income tax purposes.