Ann: Acquisition of Additional Accident Repair Centres, page-4

"the more knowledgeable people on HC. Any thoughts om today's announcements? Thanks"

Not that I am for a second that remotely resembles "knowledgeable", my thoughts are based on mere simply maths:

They've added some 6% to their current EBITDA for a consideration equal to just 1% of their Enterprise Value. Very nice.

That's what paying 2 times EBITDA does for you. [*]

(It's the old private-to-public market valuation multiple arbitrage... a lovely thing while its available. Not sure its the kind of business I'd necessarily rush to own once the roll-up is completed.)


[*] One has to wonder what is going on inside the minds of the vendors of those businesses