9. Acquisitions There was no new acquisition activity during the three months ended July 31, 2017 . Atlanta Capital Management Company , LLC ( Atlanta Capital) In the second quarter of fiscal 2017, the Company exercised a call option requiring the non-controlling interest holders of Atlanta Capital to sell a 0.1 percent profit interest in Atlanta Capital for $ 0.4 million pursuant to the terms of the original acquisition agreement, as amended. The purchase price of this transaction was based on a multiple of Atlanta Capital's earnings before taxes for the fiscal year ended October 31, 2016. The transaction settled in May 2017. In the fourth quarter of fiscal 201 6 , the Company purchased a 0. 9 percent profit interest in Atlanta Capital for $ 1.9 million pursuant to the put and call provisions of the Atlanta Capital Management Company, LLC Long-term Equity Incentive Plan (the Atlanta Capital Plan). The transaction settled in November 201 6 . Total profit interests in Atlanta Capital held by non-controlling interest holders, including direct profit interests related to the original acquisition as well as indirect profit interests issued pursuant to the Atlanta Capital Plan, increased to 13 . 1 percent as of July 31, 2017 from 13. 0 percent as of October 31, 2016 , reflecting the transactions described above as well as the grant of an additional 1. 1 percent profit interest to employees of Atlanta Capital pursuant to the terms of the Atlanta Capital Plan in the first quarter of fiscal 2017 . Non-controlling interest holders did not hold any capital interests in Atlanta Capital as of July 31, 2017 . Calvert On December 30, 2016, the Company, through its newly formed subsidiary Calvert Research and Management, acquired substantially all of the assets of Calvert for cash. The transaction was accounted for as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable intangib le asset related to acquired contracts to manage and distribute spon