Note 4. Business Combinations and Asset Acquisitions

We completed three acquisitions in fiscal 2021 and none in fiscal 2020, all of which qualified as asset acquisitions. Except for the acquisition of Hi-Tech, these acquisitions are not significant to our results of operations. The consideration for the acquisitions in fiscal 2021 consisted of cash and was allocated to identified tangible and intangible assets.

September 2021 Hi-Tech Acquisition

In September 2021, the Company acquired the assets of Hi-Tech Concrete Pumping Services (“Hi-Tech”) for total purchase consideration of $12.3 million. This transaction was treated as an asset acquisition. The Company allocated $11.5 million to the purchase of Hi-Tech's equipment. The remaining $0.8 million was allocated to definite lived assembled workforce and customer relationships intangible assets. All assets were valued using level 3 inputs. The equipment was valued using a market approach while the intangible assets were valued using an income approach based on management’s projections. The intangible assets will be amortized over 3 to 5 years.