v3.26.3
BUSINESS COMBINATIONS
 3 Months Ended
Oct. 04, 2026
Business Combination [Abstract]  
Business Combination
3.
BUSINESS COMBINATIONS

On May 15, 2026, the Company completed the merger with Marine Products, pursuant to which each share of Marine Products common stock, par value $0.10 per share, was converted into the right to receive 0.232 shares of the Company’s common stock, par value $0.01 per share and $2.43 in cash, representing total merger consideration of $284.2 million (the “Marine Products Transaction”).

During the first three months of the Transition Period, the Company recorded measurement period adjustments to certain assets acquired and liabilities assumed. The following table presents the Company’s updated preliminary allocation of the purchase price:

 

 

Provisional Purchase

 

 

Measurement

 

 

Revised Purchase

 

 

 

Price Allocation

 

 

Period Adjustments

 

 

Price Allocation

 

Cash and cash equivalents

 

$

30,664

 

 

$

—

 

 

$

30,664

 

Accounts receivable

 

 

5,292

 

 

 

—

 

 

 

5,292

 

Inventories

 

 

55,105

 

 

 

—

 

 

 

55,105

 

Prepaid expenses and other current assets

 

 

4,792

 

 

 

—

 

 

 

4,792

 

Property, plant and equipment

 

 

67,845

 

 

 

(264

)

 

 

67,581

 

Goodwill

 

 

105,599

 

 

 

773

 

 

 

106,372

 

Other intangible assets

 

 

65,100

 

 

 

—

 

 

 

65,100

 

Investment in affiliate

 

 

4,331

 

 

 

—

 

 

 

4,331

 

Other, net

 

 

1,620

 

 

 

9

 

 

 

1,629

 

Deferred income taxes

 

 

(17,193

)

 

 

275

 

 

 

(16,918

)

Unrecognized tax positions

 

 

(9,212

)

 

 

1,082

 

 

 

(8,130

)

Accounts payable

 

 

(11,448

)

 

 

—

 

 

 

(11,448

)

Accrued expenses and other current liabilities

 

 

(18,309

)

 

 

(1,875

)

 

 

(20,184

)

Total

 

$

284,186

 

 

$

—

 

 

$

284,186

 

The purchase price allocation is preliminary and subject to change as the Company finalizes valuations of certain acquired assets and assumed liabilities, including inventory, property and equipment, identifiable intangible assets, warranty liabilities, income taxes, and other working capital balances. The Company expects to finalize the purchase accounting during the measurement period, which will not exceed one year from the acquisition date.

The Company incurred acquisition and integration related costs of $1.9 million and $0.3 million for the three months ended October 4, 2026, and September 28, 2025, respectively, related to the Marine Products Transaction. These costs are included within General and administrative expenses in the accompanying condensed consolidated statement of operations.