Company: UFPT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001171843-25-003049
Chunk: 4

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 4
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4, pursuant to separate purchase and sale agreements (with separate legal parties), the Company purchased certain real estate in Dover, NH, which encompasses a majority of Welch’s manufacturing, warehousing and office facilities for an aggregate purchase of approximately $3.2 million.

9

The following table summarizes the allocation of the total purchase price of approximately $35.2 million, net of cash acquired, to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s preliminary estimates of fair value (in thousands):

			Purchase Price Allocation

			Cash

			$
			3,817

			Accounts receivable

			1,506

			Inventory

			1,969

			Other current assets

			115

			Property, plant, and equipment

			824

			Customer lists

			4,209

			Intellectual property

			9,707

			Non-compete agreement

			186

			Lease right of use assets

			166

			Goodwill

			17,135

			Total assets acquired

			39,634

			Accounts payable

			(215
			)

			Accrued expenses

			(215
			)

			Lease liabilities

			(166
			)

			Total liabilities assumed

			(596
			)

			Total assets acquired, net of liabilities assumed

			39,038

			Less: cash acquired

			(3,817
			)

			Net assets acquired, net of cash acquired

			$
			35,221

Acquisition costs associated with the transaction were approximately $281 thousand charged to expense during the twelve months ended December 31, 2024. These costs were primarily for legal and valuation services and are reflected on the face of the consolidated statement of comprehensive income.

100% of the goodwill related to the Welch acquisition is expected to be deductible for tax purposes. The goodwill is attributable to the workforce of Welch and the significant synergies expected to arise after the acquisition.

AQF

On August 23, 2024, the Company purchased 100% of the issued and outstanding membership interests of the parent holding companies of AQF Limited, operating as AQF Medical, (“AQF”) pursuant to a share purchase agreement and related agreements, for an aggregate purchase price of €43 million in cash (total purchase price in U