AquaProp Acquisition (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the consideration transferred to AquaProp at the acquisition date:


(in thousands)
Fair value of purchase consideration:
Cash	$	21,216
Deferred cash consideration	3,664
Contingent consideration	10,900
Total consideration	$	35,780

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the recognized preliminary amounts of identified assets, and liabilities assumed at the acquisition date:


(in thousands)
Recognized amounts of assets acquired and liabilities assumed:
Cash	$	178
Accounts receivable	10,551
Property and equipment	13,468
Intangible assets:
Trade name (1)	1,300
Customer relationships (2)	18,600
Favorable contracts (3)	2,210
Accounts payable	(1,423)
Factored receivables	(10,024)
Total net assets acquired	34,860
Goodwill	920
Total consideration	$	35,780

(1)Definite-lived intangible asset with an amortization period of fifteen years.

(2)Definite-lived intangible asset with an amortization period of six years

(3)Definite-lived intangible asset consisting of $0.3 million with an amortization period of thirty months and $1.9 million with an amortization period of five years.