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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

On May 4, 2022, the Company entered into a definitive purchase agreement to acquire the automotive business of Alfmeier Präzision SE (“Alfmeier”), a global leader in automotive lumbar and massage comfort solutions and a leading provider of advanced valve systems technology, integrated electronics and software. Also on May 4, 2022, the Company entered into a put and call option agreement with one of the owners of Alfmeier for the real property in Germany on which Alfmeier’s headquarters is located. Pursuant to this agreement, the seller had a put to sell the headquarters to the Company and the Company had an option to purchase the headquarters post-closing of the acquisition of Alfmeier. Prior to the closing of the acquisition, Alfmeier and certain of its subsidiaries completed a series of carve-out transactions such that Alfmeier’s industrial and non-automotive business would not be acquired by the Company. On July 29, 2022, the Company completed the acquisition of Alfmeier through the acquisition of all shares in Alfmeier for a total purchase price of €181,500 (approximately $184,871 at foreign exchange rates as of such date), net of cash and cash-like items and debt and debt-like items, and subject to customary adjustments related to Alfmeier’s net working capital as of the closing. The Alfmeier purchase price was increased by €4,000 (approximately $4,074 at foreign exchange rates as of such date) at closing as a result of the resolution of certain Alfmeier tax matters prior to closing. Also, on July 29, 2022, the Company completed the acquisition of Alfmeier’s headquarters for a purchase price of €10,500 (approximately $10,730 at foreign exchange rates as of such date). The transactions were funded through a combination of the Company’s existing cash balances and borrowings under the Revolving Credit Facility.

On July 13, 2022, the Company completed the acquisition of Jiangmen Dacheng Medical Equipment Co. Ltd (“Dacheng”) and its wholly owned subsidiary, IOB Medical, Inc. (“IOB”). Dacheng, a privately held company headquartered in Jiangmen, Guangdong Province, China, is a manufacturer of medical materials and medical equipment, including patient temperature management solutions, for numerous local and international customers. The acquisition provides Gentherm Medical a local presence in China’s high-growth market for patient warming devices and other medical device products, while also expanding overall manufacturing capacity to include a low-cost manufacturing site. The Company acquired all shares in Dacheng for $34,300, net of cash and debt, and subject to customary adjustments related to Dacheng’s net working capital as of the closing. The purchase price may be increased by up to $3,000 post-closing upon the achievement of certain milestones. Also, as part of the transaction but not the purchase price or net working capital, IOB retained the obligation to satisfy an existing $2,700 consulting fee for work performed on IOB’s behalf. The transaction was funded through a combination of the Company’s existing cash balances and borrowings under the Revolving Credit Facility.