General form of registration statement for all companies including face-amount certificate companies

Acquisitions (Tables)

v3.21.2
Acquisitions (Tables)
 12 Months Ended
Jun. 30, 2021
Business Combinations [Abstract]  
Summary Of Company's Acquisition Activity
The following briefly describes the Company’s acquisition activity for the three years ended June 30, 2021.
 
Year Ended
June 30,
   
Company
Name
   
Description of the Business
   
Description of the Acquisition
2021    Sun Nuclear    Sun Nuclear Corporation (“SNC” or “Sun Nuclear”) is a provider in radiation oncology quality assurance, delivering patient safety solutions for diagnostic imaging and radiation therapy centers around the world.    On December 18, 2020, the Company acquired 100% of the equity interest for approximately $258.1 million of purchase consideration, net of cash acquired.
       
2021    Dosimetrics    Dosimetrics is a provider in the development and production of OSL personal radiation dosimeters and dosimetry solutions, including readers, erasers, software, accessories, and automation systems.    On December 1, 2020, the Company acquired 100% of the equity interest for approximately $3.0 million of purchase consideration, net of cash acquired.
       
2021    Biodex    Biodex is a manufacturer and distributor of medical devices and related replacement parts for physical and nuclear medicine, as well as medical imaging applications located in the United States.    On September 1, 2020, the Company acquired 100% of the equity interest for approximately $26.9 million of purchase consideration, net of cash acquired.
       
2020    AWST    AWST is a provider of calibration and measurement technologies for radiation medicine applications.    On March 31, 2020, the Company acquired 100% of the equity interest for approximately €24.5 million (or $26.9 million) of purchase consideration.
       
2020    Selmic    Selmic is an electronic component manufacturer of sensors, modules, and devices serving in automotive, transportation, medical, security, defense, and telecom industries.    On October 31, 2019, the Company acquired 100% of the equity interest for approximately €9.1 million (or $10.2 million) of purchase consideration.
       
2020    Premium Analyse    Premium Analyse is a provider in the radioactive gas detection market and measurement of tritium.    On July 19, 2019, the Company acquired 100% of the equity interest for approximately €7.9 million ($8.9 million) of purchase consideration.
       
2020    Capintec    Capintec is a provider of calibration and measurement technologies for nuclear medicine applications. Capintec provides solutions for applications in nuclear medicine, nuclear cardiology, oncology, endocrinology, diagnostic radiology, and radiation therapy.    On July 9, 2019, the Company acquired 100% of the equity interest for approximately $14.5 million of purchase consideration.
       
2019    NRG Dosimetry Services Group    NRG Dosimetry Services Group is a provider of dosimetry services in the Netherlands.    On October 31, 2018, the Company acquired 100% of the equity interest for approximately €7.8 million (or $9.1 million) of purchase consideration.
Summary of Fair Value of the Assets Acquired and the Liabilities Assumed
The following table presents the preliminary purchase price allocation estimates of the fair value of the assets acquired and liabilities assumed for the material Biodex and SNC acquisitions during the year ended June 30, 2021 (in millions):
 
    
Biodex
     
SNC
  
Date of acquisition
      September 1, 2020        December 18, 2020  
Segment
      Medical        Medical  
Goodwill
    $ 11.1      $ 130.2  
Customer relationships
(1)
      2.3        59.5  
Tradenames
(2)
      1.4        12.0  
Non-Compete
Agreements
(3)
      0.3        7.5  
Developed Technology
(4)
      2.6        46.5  
    
 
 
     
 
 
  
Amortizable intangible assets
    $ 6.6      $ 125.5  
Cash
      4.1        18.8  
Accounts receivable
      4.0        24.0  
Inventory
      6.4        13.9  
Property, Plant and Equipment
      1.0        5.9  
Other current and
non-current
assets
      0.6        8.0  
Current liabilities
      (2.6 )       (9.3 ) 
Deferred contract revenue
      (0.2 )       (6.5 ) 
Other long-term liabilities
      —          (33.6 ) 
    
 
 
     
 
 
  
Net tangible assets acquired
    $ 13.3      $ 21.2  
    
 
 
     
 
 
  
Purchase consideration
(5)
      31.0        276.9  
Less: cash acquired
      (4.1 )       (18.8 ) 
    
 
 
     
 
 
  
Purchase consideration, net of cash acquired
    $ 26.9      $ 258.1  
Acquiree revenue post acquisition through the period ended June 30, 2021
    $ 32.6      $ 48.9  
Acquiree income (loss) from operations post acquisition through the period ended June 30, 2021
   $ 0.7     
$
(5.5
) 
 
(1)
The useful life for customer relationships ranges from 10 to 11 years.
(2)
The useful life for tradenames is 7 years.
(3)
The useful life for
non-compete
agreements ranges from 2 to 3 years.
(4)
The useful life for developed technology ranges from 7 to 10 years.
(5)
Biodex purchase consideration consisted of cash. SNC purchase consideration consisted of $261.9 million cash and $15.0 million of deferred consideration paid in February 2021.
The following summarizes the fair value of assets acquired and liabilities assumed for the acquisitions during the year ended June 30, 2020 (in millions):
 
    
Company Name
  
    
Capintec
     
Premium
Analyse
     
Selmic
     
AWST
  
Date of acquisition
     
July 9,
2019
  
 
     
July 19,
2019
  
 
      October 31,
2019		  
 		      March 31,
2020		  
 
Segment
      Medical        Industrial        Industrial        Medical  
Goodwill
    $ 6.0      $ 4.3      $ 2.7      $ 4.1  
Customer relationships
(1)
      2.4        2.1        2.2        20.9  
Developed technology
(2)
      2.5        1.7        —          —    
Tradename
(3)
      0.1        0.1        0.2        —    
Backlog
(4)
      0.3        —          0.1        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Amortizable intangible assets
    $ 5.3      $ 3.9      $ 2.5      $ 20.9  
Cash
      0.6        1.2        0.4        —    
Accounts receivable
      2.0        0.5        1.0        —    
Inventory
      2.7        1.4        4.2        0.6  
Property and equipment
      0.8        0.2        2.1        3.8  
Other assets
      0.6        0.1        —          0.3  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total tangible assets acquired
    $ 6.7      $ 3.4      $ 7.7      $ 4.7  
Accounts payable
      (1.0 )       (0.2 )       (1.0 )       —    
Accrued expenses and other current liabilities
      (1.1 )       (0.1 )       (0.5 )       (0.4 ) 
Pension obligations
      —          (0.1 )       —          —    
Deferred tax liability
      (0.5 )       (1.1 )       (0.7 )       —  
Deferred contract revenue
      —          —          —          (0.6 ) 
Financing obligations
      —          —          —          (1.8 ) 
Other liabilities
      (0.3 )       —          (0.1 )       —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities assumed
    $ (2.9 )     $ (1.5 )     $ (2.3 )     $ (2.8 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net tangible assets acquired
    $ 3.8      $ 1.9      $ 5.4      $ 1.9  
    
 
 
     
 
 
     
 
 
     
 
 
  
Purchase consideration
      15.1        10.1        10.6        26.9  
Less: cash acquired
      (0.6 )       (1.2 )       (0.4 )       —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Purchase consideration, net of cash acquired
    $ 14.5      $ 8.9      $ 10.2      $ 26.9  
Acquiree revenue post acquisition for twelve months ended June 30, 2020
    $ 15.2      $ 3.0      $ 11.0      $ 2.5  
Acquiree income (loss) from operations post acquisition for twelve months ended June 30, 2020
    $ 0.7      $ —        $ (0.1 )     $ (0.4 ) 
 
(1)
The useful life for customer relationships ranges from 7 to
17
years.
(2)
The useful life for developed technology is 7 years.
(3)
The useful life for tradenames is 5 years.
(4)
The useful life for backlog is 1 year.
Summary of Unaudited Pro Forma Financial Information The unaudited pro forma financial information does not reflect the expected realization of any anticipated cost savings, operating efficiencies, or other synergies that may have been associated with the acquisitions.
(amounts in millions)
   
Year ended June 30,
  
    
2021
     
2020
  
Total revenues
    $ 670.9      $ 598.7  
Net loss
      (168.5 )       (151.9 ) 
Net loss attributable to Mirion Technologies (TopCo), Ltd stockholders
      (168.4 )       (151.9 )