Annual report pursuant to Section 13 and 15(d)

Acquisitions

v2.4.0.8
Acquisitions
 12 Months Ended
Sep. 27, 2014
Business Combinations [Abstract]  
Acquisitions

4. Acquisitions

Fiscal 2014

Envincio

On April 1, 2014, the Company purchased certain assets of Envincio LLC, including brands, EPA registrations, inventory and trade receivables, for approximately $20.3 million. The purchase price exceeded the fair value of the net tangible and intangible assets acquired by approximately $2.5 million, which is recorded in goodwill. The operating results of this acquisition did not have a material impact on the Company’s consolidated financial statements. Financial results for Envincio have been included in the results of operations within the Pet segment since the date of acquisition. This acquisition is expected to enable the Company to be a key supplier and product innovator in the growing natural insecticides product market, often characterized as EPA-exempt products, and expand its offerings in traditional pesticides.

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments:

 

(In thousands)

    Amounts
Recognized as  of
Acquisition Date 		 

Current assets, net of cash and cash equivalents acquired

    $ 6,650   

Fixed assets

      20   

Goodwill

      2,477   

Intangible assets

      12,306   

Current liabilities

      (1,170 ) 
  

 

 

  

Net assets acquired, less cash and cash equivalents

    $ 20,283   
  

 

 

  

Fiscal 2013

In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash and approximately $4.2 million of contingent future performance-based payments. The purchase price exceeded the estimated fair value of the tangible and intangible assets acquired by $3.2 million, which was recorded as goodwill. The operating results of FourStar Microbial had no material impact on the consolidated financial statements. In the future, the Company expects the acquisition will enhance its capability to service professional providers of mosquito abatement.

Fiscal 2012

The Company made no acquisitions during fiscal 2012.