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On September 8, 2011, Superior completed the acquisition of certain assets (Elkhorn) which constitute a propane distribution business for an aggregate purchase price of $6.5 million including adjustments for working capital. The main purposes are to expand the Energy Services business in Pennsylvania and benefit from synergies.
Elkhorn Fair Value Recognized on Acquisition----------------------------------------------------------------------------Intangible assets 4.7Property, plant and equipment 2.3---------------------------------------------------------------------------- 7.0Trade and other payables (0.1)---------------------------------------------------------------------------- (0.1)Net identifiable assets and liabilities 6.9Gain on bargain purchase (0.4)----------------------------------------------------------------------------Total consideration 6.5----------------------------------------------------------------------------Purchase consideration components: Cash (paid on September 8, 2011) 6.0 Deferred consideration 0.5----------------------------------------------------------------------------Total purchase consideration 6.5--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsequent to the acquisition date of September 8, 2011, revenues and net earnings contributed by Elkhorn were not significant. Superior cannot reasonably determine the revenue and net earnings attributable to Elkhorn had the acquisition closed on January 1, 2011 due to limited access to the related financial information.
On August 4, 2011, Superior completed the acquisition of certain assets which constitute a refined fuel and propane distribution business (Brennan) for an aggregate purchase price of $3.7 million including adjustments for working capital. 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 Brennan had the acquisition closed on January 1, 2011 or from the date of acquisition as its operations were integrated into Superior's operations.
On April 29, 2011, Superior completed the acquisition of certain assets which constitute a refined fuel and propane distribution business (Country Comfort) for an aggregate purchase price of $0.3 million including adjustments for working capital. Superior elected not to disclose a purchase price equation for the acquisition as it was considered immaterial. Superior cannot reasonably determine the net earning attributable to Country Comfort had the acquisition closed on January 1, 2011 or from the date of acquisition as its' operations were integrated into Superior's operations.
