Acquisitions (Tables)
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9 Months Ended |
Feb. 28, 2026 |
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| Schedule of Unaudited Pro Forma Information |
The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisitions occurred at the beginning of fiscal 2025 or of the results of our future operations of the combined business.
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Three Months Ended |
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Nine Months Ended |
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February 28, |
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February 28, |
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2026 |
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2025 |
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2026 |
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2025 |
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Pro forma net sales |
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$ |
383,021 |
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$ |
341,789 |
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$ |
1,054,891 |
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$ |
954,519 |
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Pro forma net earnings |
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$ |
48,144 |
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$ |
40,948 |
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$ |
120,807 |
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$ |
92,194 |
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| LSI |
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| Schedule of Acquisition of Intangible Assets |
In connection with the acquisition of LSI, we identified and valued the following intangible assets:
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Useful Life |
Category |
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Amount |
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(Years) |
Customer relationships |
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$ |
70,600 |
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12 - 20 |
Trade name |
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21,100 |
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Indefinite |
Technological know-how |
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16,100 |
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10 |
Non-compete agreement |
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800 |
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5 |
Total acquired identifiable intangible assets |
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$ |
108,600 |
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| Schedule of Consideration Transferred for the Assets and the Preliminary Fair Value Assigned to Assets Acquired and Liabilities Assumed |
The following table summarizes the consideration paid, as of February 28, 2026, and the preliminary fair value assigned to the assets and liabilities assumed at the LSI acquisition date:
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Preliminary |
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Valuation |
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Cash and cash equivalents |
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$ |
398 |
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Accounts receivable |
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4,434 |
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Inventory |
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9,871 |
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Other current assets |
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95 |
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Property, plant and equipment |
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8,941 |
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Operating lease assets |
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6,715 |
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Intangible assets |
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108,600 |
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Total identifiable assets |
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139,054 |
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Accounts payable |
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(1,668 |
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Current operating lease liability |
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(177 |
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Accrued expenses |
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(1,127 |
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Noncurrent operating lease liability |
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(6,568 |
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Net identifiable assets |
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129,514 |
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Goodwill |
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76,948 |
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Total purchase price |
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206,462 |
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Less: estimated tax equalization payment |
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3,000 |
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Total cash paid at closing |
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$ |
203,462 |
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| Elgen |
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| Schedule of Acquisition of Intangible Assets |
In connection with the acquisition of Elgen, we identified and valued the following intangible assets:
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Useful Life |
Category |
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Amount |
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(Years) |
Customer relationships |
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$ |
18,200 |
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15 |
Trade name |
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7,900 |
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10 |
Technological know-how |
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7,000 |
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10 |
Non-compete agreement |
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1,700 |
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5 |
Total acquired identifiable intangible assets |
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$ |
34,800 |
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| Schedule of Consideration Transferred for the Assets and the Preliminary Fair Value Assigned to Assets Acquired and Liabilities Assumed |
The following table summarizes the consideration paid and the final fair value assigned to the assets and liabilities assumed at the Elgen acquisition date.
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Measurement |
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Preliminary |
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Period |
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Final |
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Valuation |
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Adjustments |
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Valuation |
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Cash and cash equivalents |
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$ |
1,093 |
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$ |
- |
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$ |
1,093 |
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Accounts receivable |
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12,751 |
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868 |
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13,619 |
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Inventory |
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16,351 |
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- |
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16,351 |
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Other current assets |
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1,605 |
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(124 |
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1,481 |
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Property, plant and equipment |
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11,941 |
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(308 |
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11,633 |
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Operating lease assets |
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21,196 |
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162 |
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21,358 |
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Intangible assets |
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34,400 |
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400 |
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34,800 |
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Total identifiable assets |
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99,337 |
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998 |
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100,335 |
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Accounts payable |
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(11,364 |
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- |
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(11,364 |
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Current operating lease liability |
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(2,225 |
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(17 |
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(2,242 |
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Accrued expenses |
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(4,465 |
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(850 |
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(5,315 |
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Noncurrent operating lease liability |
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(19,041 |
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(146 |
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(19,187 |
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Deferred income taxes |
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(3,582 |
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(1,510 |
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(5,092 |
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Net identifiable assets |
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58,660 |
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(1,525 |
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57,135 |
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Goodwill |
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33,617 |
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1,075 |
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34,692 |
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Total purchase price |
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$ |
92,277 |
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$ |
(450 |
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$ |
91,827 |
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