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Related Party Transactions
6 Months Ended
Jun. 30, 2015
Related Party Transactions  
Related Party Transactions

9. Related Party Transactions

The Company was charged an annual management fee that is payable quarterly, to its majority shareholder, Vestar Capital Partners, LLC (“Vestar”). The Company incurred management fees of $267 thousand and $230 thousand for the three months ended June 30, 2015 and 2014, respectively, and $553 thousand and $460 thousand for the six months ended June 30, 2015 and 2014, respectively. The annual management fee is no longer required after the effective date of the IPO.

In connection with the IPO, the Company paid a one-time transaction advisory fee to Vestar of $8.5 million. This fee was reflected as a distribution payment on the condensed consolidated statement of cash flows for the six months ended June 30, 2015, and reduced retained earnings on the condensed consolidated balance sheet as of June 30, 2015.