4.	Acquisitions

In the years ended September 30, 2019 and 2018, the Company completed acquisitions of multiple retail boat dealer groups in the United States. No acquisitions were completed during the year ended September 30, 2020. The results of operations of acquisitions are included in the accompanying consolidated financial statements from the acquisition date forward. The purchase price of acquisitions was allocated to identifiable tangible assets and intangible assets acquired based on their estimated fair values at the acquisition date, with the excess being allocated to goodwill.

In fiscal 2019, we completed the following transactions:

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On December 1, 2018, the Slalom Shop with two locations in Texas

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On February 1, 2019, Ocean Blue Yacht Sales with three locations in Florida

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On February 1, 2019, Ray Clepper Boat Center with one location in South Carolina

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On May 1, 2019, Caribee Boat Sales and Marina with one location in Florida

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On August 1, 2019, Central Marine with three locations in Florida

Total purchase price of the fiscal 2019 acquisitions was $48.6 million and was paid with $19.4 million in cash and the remaining $29.2 million was financed with long-term debt and seller notes payable. Included in our results for the year ended September 30, 2019, the acquisitions contributed $62.0 million to our consolidated revenue and $4.0 million to our net income. Costs related to acquisitions are included in transaction costs and primarily relate to legal, accounting, and valuation fees, which are charged directly to operations in the accompanying consolidated statements of operations as incurred in the amount of $1.3 million for the year ended September 30, 2019.

In fiscal 2018, we completed the following transactions:

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On February 1, 2018, Texas Marine with three locations in Texas

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On April 1, 2018, Spend-A-Day Marine with two locations in Ohio

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On June 1, 2018, Bosun’s Marine with four locations in Massachusetts

Total purchase price of the fiscal 2018 acquisitions was $31.0 million and was paid with $13.8 million in cash, an estimated payment of contingent consideration of $2.6 million, $12.0 million was financed with long-term debt and seller notes payable and $2.5 million was reinvested in Bosun’s Marine. Included in our results for the year ended September 30, 2018, the acquisitions contributed $68.4 million to our consolidated revenue and $6.1 million to our net income. Costs related to acquisitions are included in transaction costs and primarily relate to legal, accounting, and valuation fees, which are charged directly to operations in the accompanying consolidated statements of operations as incurred in the amount of $0.4 million for the year ended September 30, 2018.

The table below summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date, including the goodwill recorded as a result of the fiscal 2019 transactions:

Assets acquired and liabilities assumed for the Year Ended September 30,	2019
Prepaid expenses	$	249
Accounts receivable		2,062
Inventory		54,023
Property and equipment		7,045
Identifiable intangible assets		13,572
Goodwill		16,879
Liabilities assumed		(45,189	)
Total purchase price	$	48,641

The following unaudited pro forma results of operations for the years ended September 30, 2019 and 2018 assumes that all 2019 and 2018 acquisitions were completed on October 1, 2017.

($ in thousands)	2019		2018
Pro forma revenues	$	827,488	$	765,992
Pro forma net income	$	39,899	$	8,910