Pybar had much smaller ebitda and lots of debt and sold for $65M...

Pybar had much smaller ebitda and lots of debt and sold for $65M so on those metrics the remaining Metaroc looks ridiculously cheap.

you get $20-30M cash , no debt and a much lower ebitda multiple . The tender pipeline is even larger than pybar was.

maybe knock on Theiss' door again and see if they want the rest?

lots of M&A in this sector of late. Theiss bought Macca and Pybar.
Perenti bought swick and DDH1
mcmahon bought some of Emeco and it looks as if someone might be sniffing around the rest of it.

interesting times in this sector at last