Note 2. Business Combinations Acquisition of Warren Equities, Inc. On January 7, 2015, the Partnership acquired, through GMG, 100% of the equity interests in Warren, one of the largest independent marketers of petroleum products in the Northeast, from The Warren Alpert Foundation. The acquisition included 147 company-owned Xtra Mart convenience stores and related fuel operations, 53 commission agent locations and fuel supply rights for approximately 320 dealers. The acquired properties are located in the Northeast, Maryland and Virginia. The purchase price, inclusive of post-closing adjustments, was approximately $381.8 million, including working capital. The acquisition was funded with borrowings under the Partnership's credit facility and with proceeds from its December 2014 public offering of 3,565,000 common units. The acquisition was accounted for using the purchase method of accounting in accordance with the Financial Accounting Standards Board s ( FASB ) guidance regarding business combinations. The Partnership s financial statements include the results of operations of Warren subsequent to the acquisition date. The purchase price allocation is considered preliminary, and additional adjustments may be recorded during the allocation period in accordance with the FASB s guidance regarding business combinations. The purchase price allocation will be finalized as the Partnership receives additional information relevant to the acquisition, including a final valuation of the assets purchased, including tangible and intangible assets, and liabilities assumed. The following table presents the preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands): Assets purchased: Accounts receivable $ 9,101 Inventory 19,199 Prepaid expenses and other current assets 13,281 Property and equipment 253,097 Intangibles 36,560 Other non-current assets 16,605 Total identifiable assets purchased 347,843 Liabilities assumed: Account