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Related Party Transactions
12 Months Ended
Dec. 31, 2015
Related Party Transactions  
Related Party Transactions

16. Related Party Transactions

The Company was charged an annual management fee that was payable quarterly to its majority shareholder, Vestar. The annual management fee is no longer charged after the effective date of the IPO. The Company incurred management fees of $553,000, $1.0 million, and $907,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

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 consolidated statement of cash flows for the year ended December 31, 2015, and reduced retained earnings on the consolidated balance sheet as of December 31, 2015.