Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Event Acquisition of Turbine Controls, Inc
In April 2024, we completed our previously announced acquisition Turbine Controls, Inc. ("TCI") pursuant to the terms of the purchase agreement dated February 29, 2024. TCI is leading provider of aftermarket MRO support services for complex engine components, as well as engine and airframe accessories across commercial and military applications. Total consideration is approximately $120.0 million, comprising $110.0 million in cash and $10.0 million in shares of VSE common stock, subject to certain post-closing and working capital adjustments. The cash portion of the consideration was funded through a combination of cash on hand and additional borrowings under the revolving facility under our credit agreement. TCI will be reported within our Aviation segment. It is not practical to disclose the preliminary purchase price allocation given the short period of time between the acquisition date and the issuance of these unaudited consolidated financial statements.
During the three months ended March 31, 2024, we incurred $1.6 million of acquisition-related expenses, which are included in selling, general and administrative expenses.
Credit Agreement Amendment On April 23, 2024, VSE Corporation entered into a Seventh Amendment with Citizen's Bank, N.A., and certain other banks and financial institutions to amend its credit agreement to provide flexibility for the Company to enter into certain accounts receivables factoring arrangements, including arrangements assumed in connection with the acquisition of Turbine Controls, Inc.
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