When purchased, BHA was forecast to have $3m revenue & $0.5m EBITDA (The acquisition is structured at 4 x EBITA excluding synergies) and Intermedia Group Hospitality was forecast to have $6m revenue & $1m EBITDA (The acquisition is based upon a valuation of $4m which is 4 x EBITDA).
They now appear to be selling them for $1.5m, is that 4 times their FY2018 EBITDA ?
Ann: Shareholder Update, page-17
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