Acquisitions

9 Months Ended

Jan. 25, 2025

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

During the second quarter of fiscal 2025, we acquired Infusion Concepts Limited, a U.K. market leader in the supply of high-performance infusion, drainage and critical care products that benefit the veterinary profession and their animal patients. This strategic purchase expands the portfolio with high-quality products for veterinary customers. Also during the second quarter of fiscal 2025, we acquired substantially all of the assets of Mountain Vet Supply, a regional production animal veterinary distributor in the U.S. The benefits of the purchase include an established over-the-counter retail location which we will leverage with our existing infrastructure and distribution network.

The total purchase price for these acquisitions is $9,496, which includes holdbacks of $1,979 that will be paid within 18 months of the respective closing dates and working capital adjustments of $380, which are due from sellers. As of the acquisition dates, we have recorded $6,841 of identifiable intangibles, $3,913 of goodwill and net tangible liabilities of $878 in our Consolidated Balance Sheets related to these acquisitions. Intangible assets was decreased by $360 and goodwill was decreased by $20 subsequent to acquisition dates as a result of working capital adjustments and valuation procedures. A portion of the goodwill is deductible for income tax purposes. 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 were not deemed significant and did not materially impact our financial statements, and, therefore, pro forma results are not provided.

During the third quarter of fiscal 2025, we used $4,070 to pay holdbacks following our acquisition of substantially all of the assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT) and Dairy Tech, Inc. The payments were due on the 24-month anniversaries of the closing dates. During the first quarter of fiscal 2024, we used $1,108 to pay a holdback following our acquisition of substantially all of the assets of Miller Vet Holdings, LLC. The payment was due on the 24-month anniversary of the closing date.