ACQUISITION

3 Months Ended

Jun. 30, 2022

On April 22, 2022, we purchased the assets of a readymix concrete and aggregates business (the ConAgg Acquisition). The purchase price (Purchase Price) of the ConAgg Acquisition was approximately $121.2 million. The purchase price allocation has not yet been finalized. The Purchase Price and expenses incurred in connection with the ConAgg Acquisition were funded through borrowings under our revolving credit facility. Operations related to the ConAgg Acquisition are included in the Concrete and Aggregates business in our segment reporting from April 22, 2022 through June 30, 2022.

The following table summarizes the preliminary allocation of the Purchase Price to assets acquired and liabilities assumed as of June 30, 2022:



	Estimated Fair Value
Working Capital	$	12,130
Property, Plant, and Equipment		39,489
Intangible Assets		30,800
Goodwill		38,743
Total Estimated Purchase Price	$	121,162

The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 30 years, while the estimated useful lives assigned to Intangible Assets range from 2 to 15 years.

The following table presents the Revenue and Operating Loss related to the ConAgg Acquisition that has been included in our Consolidated Statement of Earnings from April 22, 2022 through June 30, 2022.



	(dollars in thousands)
Revenue	$	11,030
Operating Loss	$	(107	)

Included in Operating Loss shown above is approximately $2.0 million and $1.2 million related to depreciation and amortization and the recording of acquired inventories at fair value, respectively.