Business Combinations

9 Months Ended

Sep. 30, 2019

On March 4, 2019, the Company acquired 100 percent of the issued and outstanding equity interests of Dutch Power Company B.V. ("Dutch Power"). Dutch Power designs, manufactures and sells a variety of landscape and vegetation management machines primarily in Europe. The primary reason for the Dutch Power acquisition was to enhance the Company's platform for growth by increasing both the Company's product portfolio and capabilities in the European market. The acquisition price was approximately $53 million.

The total purchase price has been allocated on a preliminary basis to assets acquired and liabilities assumed, including deferred taxes. During the third quarter of 2019, additional information was obtained and an adjustment was made to goodwill for approximately $2.0 million. Certain estimated values are not yet finalized and are subject to change. The Company will finalize the amounts once the necessary information is obtained and the analysis is complete.

In the period between the date of acquisition and September 30, 2019, Dutch Power generated approximately $27.7 million of net sales and $0.8 million of net income. The Company has included the operating results of Dutch Power in its consolidated financial statements since the date of acquisition.

The following table reflects the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands):


Cash	$	87
Accounts receivable	6,278
Inventory	17,731
Prepaid and other assets	1,901
Property, plant and equipment	13,439
Intangible assets	14,095

Other liabilities assumed	(12,606)

Net assets assumed	$	40,925

Goodwill	11,686
Acquisition Price	$	52,611