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4. Acquisitions
On July 17, 2012, Superior completed the acquisition of certain assets which constitute a propane distribution business for an aggregate purchase price of $5.5 million including adjustments for net working capital. The main purposes are to expand Energy Services' business in British Columbia and benefit from synergies.
Fair Value Recognized onPropane Acquisition Acquisition----------------------------------------------------------------------------Trade and other receivables(1) 0.9Inventories 0.1Property, plant and equipment 1.9---------------------------------------------------------------------------- 2.9Net identifiable assets and liabilities 2.9Goodwill arising on acquisition 2.6----------------------------------------------------------------------------Total consideration 5.5----------------------------------------------------------------------------Purchase consideration components:Cash (paid on August 2, 2012) 5.5----------------------------------------------------------------------------Total purchase consideration 5.5--------------------------------------------------------------------------------------------------------------------------------------------------------(1) The gross amount of trade and other receivables is $0.9 million, of which $nil is expected to be uncollectible.
Revenue and net earnings for the 12 months ended December 31, 2012 would have been $8.3 million and $1.9 million, respectively, if the acquisition had occurred on January 1, 2012. Subsequent to the acquisition date of July 17, 2012, the acquisition contributed revenue and net earnings, respectively, of $4.4 million and $1.5 million to Energy Services for the period ended December 31, 2012.
On November 17, 2011, Superior completed the acquisition of certain assets which constitute an insulation services business for an aggregate purchase price of $0.2 million. Superior elected not to disclose a purchase price equation for the acquisition as it was considered immaterial. Superior cannot reasonably determine the net earnings attributable to the acquired assets had the acquisition closed on January 1, 2011 or from the date of acquisition as operations were integrated into Superior's operations.
On October 7, 2011, Superior completed the acquisition of certain assets which constitute a refined fuels distribution business (Hamilton) for an aggregate purchase price of $0.4 million. Superior elected not to disclose a purchase price equation for the acquisition as it was considered immaterial. Superior cannot reasonably determine the net earnings attributable to Hamilton had the acquisition closed on January 1, 2011 or from the date of acquisition as operations were integrated into Superior's operations.
On October 6, 2011, Superior completed the acquisition of certain assets which constitute a propane distribution business (Walts) for an aggregate purchase price of $1.0 million. Superior elected not to disclose a purchase price equation for the acquisition as it was considered immaterial. Superior cannot reasonably determine the net earnings attributable to Walts had the acquisition closed on January 1, 2011 or from the date of acquisition as operations were integrated into Superior's operations.
