Acquisitions

12 Months Ended

Apr. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

AcquisitionsDuring 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 $37,535, which includes holdbacks of $4,255 that will be paid on the 24 month anniversary of the closing dates and working capital adjustments of $23 which were paid in the fourth quarter of fiscal 2023. As of the acquisition date, we have recorded $17,300 of identifiable intangibles, $16,040 of goodwill and net tangible assets of $4,233 in our condensed consolidated balance sheets related to these acquisitions. Goodwill, which is deductible for income tax purposes, was increased by $272 subsequent to acquisition date as a result of working capital adjustments. 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.

During the first quarter of fiscal 2022, we acquired substantially all of the assets of Miller Vet Holdings, LLC, a multiregional veterinary distributor, for total cash consideration of $19,793 and liabilities assumed of $6,799. We have included its results of operations in our financial statements since the date of acquisition within our Animal Health segment. This acquisition allows us to grow our presence in the companion animal market and drive increased operating leverage and synergies. As of the acquisition date, we recorded $14,000 of identifiable intangibles, $1,063 of goodwill and net tangible assets of $4,796 in our consolidated balance sheets related to this acquisition. Goodwill, which is deductible for income tax purposes, was reduced by $66 subsequent to the acquisition date as a result of working capital adjustments. The accounting for the acquisition was complete as of April 30, 2022. The acquisition did not materially impact our financial statements, and therefore pro forma results are not provided.