Acquisitions On March 31, 2014 , the Company completed the acquisition of 100% of the membership interests of ADF Holdings, Inc., the parent company of Anchor, an independent provider and marketer of drilling fluids, completion fluids and production chemicals to the oil and gas industry ( Anchor Acquisition ). Total consideration was approximately $223.6 million , net of cash acquired and subject to certain other adjustments including aforementioned tax adjustments. In connection with the Anchor Acquisition, the Company is required to pay 50% by which the amount of taxes paid in a post-closing tax period are reduced (or a refund is actually received or credited) as a result of the utilization of post-closing transaction tax deductions in the 2014 taxable year (but, for the avoidance of doubt, no other taxable year) to the sellers. Anchor designs, manufactures and packages drilling fluid products at its locations in Texas, Oklahoma, Louisiana, Arkansas, Colorado, Utah, Wyoming, Montana, New Mexico, New York, North Dakota, Pennsylvania and Ohio. The Anchor Acquisition was financed by using a portion of the net proceeds of approximately $884.0 million from the Company s March 2014 private placement of 6.50% senior notes due April 15, 2021 . The Company believes the Anchor Acquisition further expands its specialty products offering, increases its sales into the oil field services market, expands its geographic reach and increases its asset diversity. On February 28, 2014 , the Company completed the acquisition of substantially all of the assets of United Petroleum, LLC ( United Petroleum ), a marketer and distributor of high performance lubricants, for aggregate consideration of approximately $10.4 million , ( United Petroleum Acquisition ). The United Petroleum Acquisition was financed with cash on hand. The Company believes the acquisition increases its position in the specialty lubricants market. On December 10, 2013 , the Company completed the acquisition of 100% of the membership interests of Bel-Ray Company, LL