17.   Subsequent Events

On May 1, 2017, the Company purchased substantially all of the assets of Arrowhead Equipment, Inc. (the “Seller”) for $7,699,  including a preliminary estimated working capital adjustment of $199 that increased the purchase price at the close of the transaction on May 1, 2017 that is subject to actual working capital adjustments.    The acquired assets include the Seller’s two up-fit locations in Albany and Queensbury, New York.   The two locations will be leased by the Company and were not included in the assets purchased.  The purchase price is subject to adjustment based upon the closing working capital of the Seller.  The final working capital adjustment, which will be determined subsequent to the closing date, may result in a cash payment to the Company or the Seller. The assets were acquired with on hand cash and short term borrowings on the Company’s Revolving Credit Agreement.   The acquired assets will be included in the Work Truck Solutions segment and were acquired to expand the geographical footprint of that segment.