Business Acquisitions

9 Months Ended

Sep. 30, 2014

BUSINESS ACQUISITIONS

C-Lift Acquisition. On June 6, 2013, the Company acquired a controlling interest in C-Lift through the acquisition of its partner's 50% equity interest for $13.3 million in cash. C-Lift owned and operated two liftboats in the U.S. Gulf of Mexico. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in no goodwill being recorded. The preliminary fair value analysis was finalized in March 2014.

Witt O'Brien's. On July 11, 2014, the Company acquired a controlling interest in Witt O'Brien's, a global leader in preparedness, crisis management, and disaster response and recovery, through the acquisition of its partner's 45.8% equity interest for $35.4 million (see Note 6). The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in $45.0 million of goodwill being recorded. The preliminary fair value analysis is pending completion of a final valuation for the acquired assets and liabilities.

Purchase Price Allocation. The allocation of the purchase price for the Company’s acquisition for the nine months ended September 30, 2014 was as follows (in thousands):



	2014
Trade and other receivables	$	31,079
Other current assets	1,925
Property and Equipment	519
Investments, at Equity, and Advances to 50% or Less Owned Companies	(49,968		)
Goodwill	44,967
Intangible Assets (primarily customer relationships)	24,901
Other Assets	111
Accounts payable	(1,709		)
Other current liabilities	(12,274		)
Long-Term Debt	(3,266		)
Deferred Income Taxes	91
Other Liabilities	(1,376		)
Purchase price⁽¹⁾	$	35,000

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(1)	Purchase price is net of cash acquired of $0.4 million.