Acquisition

3 Months Ended

Mar. 31, 2013

Acquisition

Acquisition

4.  Acquisition

On March 1, 2013, the Company acquired the assets of a laundry facilities management business in the southeastern region of the United States for total consideration of $2,737. A payment of $2,018 was made at closing and the balance to be paid within nine months if certain conditions are met. The acquisition has been reflected in the accompanying condensed consolidated financial statements from the date of the acquisition and has been accounted for as a business combination.  The preliminary allocation of the purchase price is as follows: contract rights $1,893, equipment $644, non-compete agreement $100 and goodwill $100. The ultimate purchase price allocation is subject to the finalization of the asset values as of the date of acquisition.  The operating results of the business are included in the accompanying unaudited condensed consolidated statements of income and comprehensive income from the date of acquisition.  Pro forma results of the acquired company are not included as they have been deemed immaterial to the Company.