World Fuel Services 2014 Annual Report Download - page 55

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2013 Acquisitions
In 2013, we completed three acquisitions in our land segment, which were not material individually or in the aggregate. The
financial position, results of operations and cash flows of the 2013 acquisitions have been included in our consolidated
financial statements since their respective acquisition dates.
The following reconciles the aggregate purchase price for the 2013 acquisitions to the cash paid for the acquisitions, net of
cash acquired (in thousands):
Purchase price $ 43,792
Less: Cash acquired 3,335
Purchase price, net of cash acquired 40,457
Less: Promissory notes issued 3,000
Cash paid for acquisition of businesses $ 37,457
During 2014, we completed the valuation of the assets acquired and liabilities assumed for the 2013 acquisitions. As a
result, during 2014, we completed the purchase price allocation which primarily resulted in a $0.4 million increase to goodwill
and a $0.5 million reduction in identifiable intangible assets. Additionally, in 2014, we paid $0.1 million of the amounts due
to sellers that were outstanding as of December 31, 2013.
The purchase price for each of the 2013 acquisitions was allocated to the assets acquired and liabilities assumed based on
their estimated fair value at the acquisition date. On an aggregate basis, the purchase price allocation for the 2013
acquisitions is as follows (in thousands):
Assets acquired:
Cash and cash equivalents $ 3,335
Accounts receivable 31,287
Inventories 8,839
Property and equipment 3,901
Identifiable intangible assets 13,548
Goodwill 16,489
Other current and long-term assets 2,717
Liabilities assumed:
Accounts payable (29,631)
Accrued expenses and other current liabilities (3,582)
Other long-term liabilities (3,111)
Purchase price $ 43,792
2012 Acquisitions
On December 31, 2012, we acquired certain assets of Multi Service Corporation, including the assets comprising its
transaction management business, and all of the outstanding stock of its foreign subsidiaries (the “Multi Service business”),
a global transaction management company based in Overland Park, Kansas specializing in fleet, government, and
commercial payment programs to expand our service offering within the transportation industry. The Multi Service product
offering includes the Multi Service Fuel Card, accepted at more than 3,500 truck stops in the United States and Canada,
payment solutions for tolls, bridges and tunnels across Europe, government payment systems for global fuel procurement,
and commercial payment programs in the transportation industry. The purchase price of the Multi Service business was
$155.3 million.
On September 1, 2012, we acquired certain assets of CarterEnergy Corporation, including the assets comprising its
wholesale motor fuel distribution business (the “CarterEnergy business”). We acquired the CarterEnergy business, based
in Overland Park, Kansas, a distributor of branded gasoline and diesel fuel to more than 700 retail operators and a supplier
to industrial, commercial and government customers, to expand our wholesale branded gasoline and diesel fuel business.
The purchase price of the CarterEnergy business was $45.1 million.
In addition to the above acquisitions, we completed three acquisitions, which were not material individually or in the
aggregate. Of these acquisitions, two were in our aviation segment and the other was in our aviation and land segments.
The financial position, results of operations and cash flows of the 2012 acquisitions have been included in our consolidated
financial statements since their respective acquisition dates.