Acquisition

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Acquisition

Acquisition

Asset Acquisition of Karrys Bros., Limited.

On February 23, 2015, the Company acquired substantially all of the assets of Karrys Bros., Limited (“Karrys Bros.”), a regional convenience wholesaler servicing customers in Ontario, Canada, and the surrounding provinces, for cash consideration of approximately $8.0 million, or $10.0 million Canadian dollars. The Karrys Bros. operations will be integrated into the Company’s existing distribution center in Toronto and has provided the Company the opportunity to increase its market share in eastern Canada. The purchase price allocation of the acquired assets and liabilities assumed, based on a preliminary estimate of their fair values at the acquisition date, was as follows (in millions):

	February 23, 2015
Accounts receivable	$	3.9
Inventory	3.9
Property and equipment	2.3
Liabilities	(2.1		)
Total consideration	$	8.0

Transaction costs in connection with the acquisition of Karrys Bros. were approximately $0.3 million for the quarter ended March 31, 2015. The results of operations of Karrys Bros. have been included in the Company’s consolidated statements of operations and comprehensive income since the acquisition date. The Company did not consider the Karrys Bros. acquisition to be a material business combination and therefore has not disclosed pro-forma results of operations for the acquired business.