Underlying 2H EBITDA was more like $2.4m (noting 1H was $1.8m,...

Underlying 2H EBITDA was more like $2.4m (noting 1H was $1.8m, and FY was $4.2m). Where do you get $3.2m?

And yes, as Holles points out, PE has plenty of other means to achieve return hurdles than simply leveraging assets to the gills with cheap debt. Clark Perkins and the Mercury team are a great example of this, you don't see outrageous debt structures in their deals (usually 2-4x EBITDA) - good performance is mostly built around solid organic and inorganic growth strategies and their diligent execution.

You're correct that this wouldn't provide a 'value' entry point, which is sometimes what PE looks for. But the platform is good, tailwinds strong and frankly plenty of opportunity to buy, build and enter new markets all of which are hallmarks of a PE entry-point.