Company: JBI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001839839-25-000150
Chunk: 16

Company: Janus International Group, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 16
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 Business CombinationTerminal Door Asset AcquisitionOn May 17, 2024, we, through our wholly owned subsidiary Terminal Door, LLC (“Terminal Door”), acquired 100% of the business operations (such transaction, the “T.M.C. Acquisition”) of Smith T.M.C., Inc., a Georgia corporation, Jerry O. Smith Company, LLC, a Georgia limited liability company, and J.O.S. Realty, Inc., a Georgia corporation (collectively, “T.M.C.” or the “T.M.C. Sellers”). Pursuant to the asset purchase agreement for such acquisition, Terminal Door acquired substantially all assets of the T.M.C. Sellers related to the business of trucking terminal renovation, construction, remodeling, and maintenance. We accounted for this acquisition as a business combination.The following tables summarize the fair value of consideration transferred and the recognized amount of identified assets acquired, and liabilities assumed at the date of acquisition:(dollar amounts in millions)SegmentNorth AmericaConsideration transferredCash paid$59.4 Total purchase consideration, net of cash acquired$59.4 Recognized amounts of identifiable assets acquired Accounts receivable$2.4 Inventory0.2 Property and equipment0.4 Identifiable intangible assets42.5 Recognized amounts of identifiable liabilities assumedAccounts payable(0.4)Contract liabilities(0.5)Total identifiable net assets$44.6 Goodwill14.8 Total net assets acquired$59.4 We recognized goodwill related to the T.M.C. Acquisition of $14.8. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies and economies of scale, none of which qualify for recognition as a separate intangible asset. The goodwill is expected to be deductible for tax purposes.The following table sets forth the components of identifiable intangible assets acquired as of the date of the T.M.C. Acquisition, and the related weighted average amortization period:(dollar amounts in millions)Fair ValueWeighted-Average Amortization Period (years)Customer relationships$38.1 15Tradename1.7 5Non-compete agreement2.7 5Identifiable intangible assets$42.5 

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Janus International Group, Inc.Notes to Unaudited Condensed Consolidated Financial Statements

Results of Acquired Operations The results of the acquired operations of Terminal Door have been included in our Unaudited Condensed Consolidated Financial Statements since the acquisition date of May 17, 2024. For the period