Acquisitions

6 Months Ended

Jul. 03, 2015

Acquisitions

Acquisitions

10.Acquisition

On February 24, 2015 the Company signed a definitive agreement to acquire the stock of WillCare.  WillCare, based in Buffalo NY, reported $72,000 in revenue in 2014 with VN and PC branch locations in New York, Connecticut and Ohio.  The purchase price is expected to total between $46,000 and $53,000 based on changes in earnings and working capital between execution of the definitive agreement and the current expected close in the third quarter of 2015 pending final New York regulatory approval, which is to be heard on August 6, 2015.  The transaction will be funded by borrowings under the Company’s bank credit facility.  On March 1, 2015, the Company acquired the stock of WillCare’s Ohio operations for $3,000.