Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On May 4, 2026, the Company entered into an asset purchase agreement with Midwest Graphic Sales, Inc. and Sigma Coatings, Inc. (together "Midwest") pursuant to which the Company purchased substantially all of the assets and certain specified liabilities of Midwest for $14.0 million, subject to certain customary adjustments for working capital, transaction expenses and cash. The acquisition closed simultaneously with the execution of the agreement and was funded using cash on
hand. Midwest is a specialty chemical formulator serving coatings for regulated, high-value packaging applications across food, pharmaceutical, and personal care end markets, as well as food service disposables and other consumer applications.
In connection with the Purchase Agreement, the Company received a letter of consent from BMO Bank N.A. ("BMO"), as lender under the Sixth Amendment to Credit Agreement and Omnibus Amendment to Loan Documents dated December 10, 2025 by and between the Company and BMO, consenting to the acquisition of Seller.
As a result of the limited time since the acquisition date and the effort required to conform the financial statements to the Company's practices and policies, the initial accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed.
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