Acquisition (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

A summary of the initial purchase price allocation of the acquisition is as follows (Dollars in thousands):

Cash paid and payable and liabilities assumed
Cash paid and payable	$	34,711
Accounts payable and accrued expenses	4,076
Deferred compensation	2,938
	$	41,725
Fair value of assets acquired
Goodwill	$	15,952
Inventories	7,809
Accounts receivable	7,656
Customer relationships	4,961
Trade names	2,775
Property, plant and equipment	2,201
Other assets	371
	$	41,725

Acquisition Pro Forma Information

The following table contains unaudited pro forma revenue and net income for Lawson Products assuming the Partsmaster acquisition closed on January 1, 2019.

	(Dollars in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue
Actual	$	90,277	$	94,779	$	253,458	$	282,219
Pro forma	101,222		109,174		298,546		332,234
Net income
Actual	$	1,738	$	4,774	$	14,890	$	10,227
Pro forma	1,982		4,598		16,312		10,166