v3.26.1
Note 2 - Acquisitions and Dispositions
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Business Combination [Text Block]

2.   Acquisitions and Dispositions

 

Fiscal 2026 Acquisitions

 

In January 2026, the Company acquired Allmand, headquartered in Holdrege, Nebraska. Allmand is a leading manufacturer of mobile power equipment for commercial, industrial, and rental markets.  

 

In April 2026, the Company acquired Enercon, headquartered in East Peoria, Illinois. Enercon designs and manufactures custom power equipment and industrial enclosures for high-reliability applications for commercial and industrial markets.  

 

In May 2026, the Company acquired substantially all of the assets and liabilities of the Wolter Power Systems business, headquartered in Brookfield, Wisconsin. Wolter is an industrial and residential generator distributor as well as a provider of maintenance and repair services.

 

In June 2026, the Company signed an agreement to purchase the assets and assume the liabilities of New Way Power Proprietary Limited (New Way), a supplier of back-up power solutions, located in Johannesburg, South Africa. The acquisition is expected to close in the fourth quarter of 2026.

 

The combined preliminary purchase price for the closed acquisitions is $348,482, net of cash acquired and inclusive of holdbacks and estimated contingent consideration, of which $44,785 was funded through the issuance of treasury stock and the remainder in cash.  The Company recorded its preliminary purchase price allocation based on its estimates of the fair value of the acquired assets and assumed liabilities. Purchase accounting for Allmand will be finalized prior to March 31, 2027, while purchase accounting for Enercon and Wolter will be finalized prior to June 30, 2027. There were no material changes to the preliminary purchase price allocation for Allmand as of June 30, 2026. All of these acquisitions are included within the Commercial & Industrial segment.


The accompanying condensed consolidated financial statements include the results of Allmand, Enercon, and Wolter from their dates of acquisition through June 30, 2026. Pro forma and other financial information are not presented as the effects of these acquisitions are not material to the Company's results of operations or financial position. 
 
Summary Purchase Price Allocations
 
The fair values assigned to certain assets acquired and liabilities assumed for all acquisitions completed during 2026 to date are shown below. No material acquisitions were completed in 2025.

 

 

  

2026 Acquisitions

 

Accounts receivable

 $20,408 

Inventories

  31,701 

Prepaid expenses and other current assets

  560 

Property and equipment

  17,960 

Intangible assets

  88,900 

Goodwill

  208,598 

Operating lease and other non-current assets

  11 

Total assets acquired

  368,138 
     

Accounts payable

  13,971 

Accrued wages and employee benefits

  2,418 

Other accrued liabilities

  1,520 

Accrued product warranty

  211 

Current portion of long-term borrowings and finance lease obligations

  346 

Operating lease and other long-term liabilities

  1,190 

Net assets acquired

 $348,482 

 

Fiscal 2026 and 2025 Dispositions

 

On June 1, 2026, the Company completed one immaterial business disposition within the Commercial & Industrial segment and one immaterial business disposition within the Residential segment, resulting in a combined loss of $13,392.

 

On January 2, 2026, the Company completed two immaterial business dispositions within the Commercial & Industrial segment, resulting in a combined loss of $4,782. 

 

On May 31, 2025, the Company completed an immaterial business disposition within the Residential segment (prior to the segment reorganization, the Domestic segment), resulting in a loss of $3,905. Refer to Note 7, "Segment Reporting," for further information regarding the segment reorganization.