Company: UFPT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001171843-25-003049
Chunk: 5

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 5
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.S. Dollars amounted to approximately $48.0 million). The purchase price was subject to an adjustment based upon AQF’s working capital at closing, the assumption by the sellers of certain liabilities and a final working capital adjustment, which resulted in a net decrease of approximately $300 thousand. A portion of the purchase price is being held by the Company to indemnify the Company against certain claims, losses, and liabilities. The Purchase Agreement contains customary representations, warranties, and covenants customary for transactions of this type.

Founded in 2005 and headquartered in Navan, Ireland with additional joint venture operations in Singapore, AQF develops and manufactures custom-engineered foam and thermoplastic components used in a wide range of medical devices and packaging. AQF brings to the Company additional expertise in converting specialty foams and films, an expanded European manufacturing presence, and an Asian market presence in Singapore.

10

The following table summarizes the allocation of the total purchase price of approximately $47.7 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

			$
			3,381

			Accounts receivable

			2,237

			Inventory

			1,150

			Other current assets

			204

			Property, plant, and equipment

			976

			Customer lists

			14,206

			Intellectual property

			2,760

			Non-compete agreement

			333

			Tradename

			690

			Lease right of use assets

			1,723

			Equity Method Investment

			6,969

			Goodwill

			22,925

			Total assets acquired

			57,554

			Accounts payable

			(1,890
			)

			Accrued expenses

			(535
			)

			Deferred taxes

			(2,322
			)

			Lease liabilities

			(1,723
			)

			Total liabilities assumed

			(6,470
			)

			Total assets acquired, net of liabilities assumed

			51,084

			Less: cash acquired

			(3,381
			)

			Purchase price, net of cash acquired

			$