I think HCA was all milk! But if you look at what was sold,...

I think HCA was all milk! But if you look at what was sold, custom packs, I think they sold the skim milk and kept the milk. Custom packs are very low margin.

Look at it another way, even if sold 100% of the $2.5m of EBIT, they got a decent multiple of 5.8x.
If EBIT was equal then ITL got 9.9x EBIT for the custom packs.

More importantly they are now cashed up with a simplified business and can concentrate on the growth parts of the business.