A Search Fund Journey to $350m

And we ended up evading a formal process for him. And nine, I think nine months later, we closed the transaction.

Ah, but he already had hired a banker. It just hadn't. He hadn't, it hadn't been taken to market just yet.

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And can you give us the bullet points of the business, give us a sense of size and where he had the audacity to ask for $100 million? I don't know, maybe you paid $100 million but point, point for the audience too is that this was a, it's very large today, but it also was a big business for searchers to buy it from the start.

Right. So at the time when we had encountered him, the business was they had just done a large acquisition. So it was roughly 55 to 60 million of revenue, most of it being the service business, but it still had this external software component to it which was much smaller and pro forma for that deal it was roughly 10 million of EBITDA. So I think he did 10 times 10, $100 million. That's what my…

Which frankly it's pretty aggressive. But not totally crazy.

Not totally crazy.

Not totally. There's a world where, you know, a well funded private equity roll up pays that. Correct? No.

Yeah, at that time, definitely.