One has to like how this is to be 'earnings accretive in year...

One has to like how this is to be 'earnings accretive in year one'.

We have to assume that these acquisitions will provide a suitable ROIC over and above any additional debt taken on.

PFP sure loves expanding in NZ in areas such as Napier for which we can thank Mr Fraser Henderson.

Is a major reason for the sale of these businesses by longstanding operators that the first (or second) generation has reached or is about to reach what they consider retirement age with the subsequent generation having little interest in continuing the 'family business' (but a lot of interest in the cash a sale would generate, such as the ability for the latest generation to purchase a more attractive residence)?

The Orange acquisition is interesting as this NSW rural city's population has been increasing, which is good for PFP.

It's become a trendy destination with its mix of wineries, good restaurants, pleasant scenery and within relatively easy driving reach of Sydney and Canberra. NSW TrainLink mostly operates road coaches between Orange and Bathurst/Lithgow connecting with trains as the Bathurst to Orange railway is circuitous and hence slow, but there are some through trains on this very scenic route such as the daily Dubbo XPT and the weekly XPlorer railcars to and from distant Broken Hill.