Acquisition

3 Months Ended

Mar. 31, 2015

Acquisition [Abstract]

Acquisition

2. Acquisition

On January 30, 2015, the Company’s Industrial Products group (“Industrial”) acquired all of the outstanding equity interests of the Plant Equipment Group (“P.E.G.”) from TAKKT America, a business-to-business direct marketer of maintenance, repair and operations (“MRO”) products with operations in North America for approximately $25.9 million in cash, $1.9 million of which was placed into an escrow account for one year to secure the sellers’ indemnification obligations under the purchase agreement. This acquisition expands the Industrial Products segment presence in the MRO market in North America.  A preliminary allocation of the purchase price was done as of the acquisition date, subject to revision in the future.  The Company acquired approximately $13.2 million in net assets, including approximately $10.0 million in receivables, $11.2 million in inventories, $11.0 million in payables and recorded approximately $12.7 million of goodwill and other intangibles related to this acquisition.  The P.E.G. accounts are included in the accompanying condensed consolidated statement of operations from the date of acquisition.