Acquisitions

9 Months Ended

Jan. 28, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

During the third quarter of fiscal 2023, we acquired substantially all of the assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), Texas-based companies that provide innovative solutions to veterinary practices through data extraction and conversion, staffing and video-based training services. Also during the third quarter of fiscal 2023, we acquired substantially all of the assets of Dairy Tech, Inc., a Colorado-based company that provides pasteurizing equipment and single-use bags that allow dairy producers to produce, store and feed colostrum for newborn calves, as well as product offerings for beef cattle producers. These acquisitions are expected to expand our Companion Animal and Production Animal value-added platforms by adding solutions to their suite of offerings.

The total purchase price for these acquisitions is $37,573, which includes holdbacks of $4,255 that will be paid on the 24 month anniversary of the closing dates and estimated working capital adjustments of $61. As of January 28, 2023, we have recorded $17,300 of identifiable intangibles, $16,040 of goodwill, which is deductible for income tax purposes, and net tangible assets of $4,233 in our condensed consolidated balance sheets related to these acquisitions. Goodwill was recorded within the Animal Health segment and represents the expected benefit of integrating these value-added platforms with our existing operations. We have included their results of operations in our financial statements since the date of acquisition within the Animal Health segment. The accounting for these acquisitions is not complete because certain information and analysis that may impact our initial valuations are still being obtained or reviewed. The acquisitions did not materially impact our financial statements, and therefore pro forma results are not provided.