Note 13 - Acquisitions

12 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note 13 —    Acquisitions

All of the Company’s acquisitions have been accounted for using the purchase method of accounting.

2020

In October 2020, the Company acquired the assets of the billiard table, game room, and recreational product lines of American Heritage Billiards, including the related intellectual property. In December 2020, the Company acquired substantially all of the business and assets of Revel Match LLC, dba RAVE Sports, a brand known for its innovative and high-quality water recreation products. Total consideration paid for the acquisitions was $15.4 million. The consideration paid by the company for these acquisitions was allocated to the assets acquired, net of the liabilities assumed, based upon their estimated fair values as of the date of the acquisition. The excess of the purchase price over the estimated fair value of the assets acquired, net of the estimated fair value of the liabilities assumed, was recorded as goodwill. The recorded goodwill is deductible for tax purposes. The allocation of the purchase price, including values assigned to assets, liabilities and the amount of goodwill and intangible assets are represented in the table below.

In thousands
Assets acquired and liabilities assumed:
Accounts receivable, net	$	399
Inventories, net		3,797
Other assets		936
Goodwill		5,946
Intangible assets		5,277
Accounts payable		(576	)
Other liabilities		(333	)
	$	15,446

2019

During 2019, the Company acquired Dura Pickleball, a brand known for being the official ball of the US Open Pickleball Championships, Tournament of Champions, and the USA National Pickleball Championships for a total consideration of cash and note payable to seller of $900 thousand.