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Acquisition (Tables)
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Summary of Purchase Price Allocation to 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$34,523 
Accounts payable and accrued expenses4,086 
Lease obligation620 
Deferred compensation2,938 
$42,167 
Fair value of assets acquired
Goodwill$15,816 
Inventories7,797 
Accounts receivable7,706 
Customer relationships4,961 
Trade names2,775 
Property, plant and equipment2,121 
Right of use asset620 
Other assets371 
$42,167 
Unaudited Pro Forma Revenue and Net Income for Lawson Products Assuming the Partsmaster Acquisition Closed
The following table contains unaudited pro forma revenue and net income for Lawson Products assuming the Partsmaster acquisition closed on January 1, 2019.
(Unaudited)
Pro Forma Year Ended December 31,
20202019
Revenue396,679 435,486 
   Net Income16,535 7,277