Integrator Acquisitions 'A Good Market' During COVID-19, Says Greybeards

** ******* *** ********* ****** ** "sophisticated" *********** *** *** *********** *** deals ** **** *** ******.

Background ***** *****

***** ******* & ************ ******* * ~** **** *** ******* that ***** ********** *** "**********".

*** ***** ***** ***** ****** ****** to * ********** **** ** ~*,*** people, ***** ***** **** ********* ** high ** ** ********* ********* *** sometimes ****.

*** **** ****** ***** ********** * "Integrator ********", ** "***** *** **** Company ********", *** * "******** ****". Each ******* ***** *** *******'* ***, revenue, *** ******, *** ********** "***!" offers:

Pricing "********" ******* ********

***** ******** **** *** ****** ** transactions ** **** * ***** ** a ****, ***** *********** **** ** only *********:

**, *** ****** ** ************ ****** the **** ** *********** *** **** curtailed ** * ***** *** * third ** * ****

* ** ************ **** ** ** compensated *** ** *** ** **** [2020]

** **** ********* ** *** *** company ** *****, ********* ********, **** a ******** ****** *** * "******** as *****" ******* ** ******* *****:

** *** ****** **** ****** ** activity **** ** *** ***** ** COVID-19

**'** **** ****** **** *** ******* has ******** ********** ********

** ** *** * *****'* ****** nor * ******'* ******, **** * good **** *** **** ******

** ******** *** ******* *****, *** included ******* **** ***** *** ******* speaking *** **** ** ****** *** pandemic:

********* ******** [** ***] ******* ** 12-15 ************ **** * ******** ***** of $*** *******

*** *********** ***** *** *********** ** $3 ******* *** **

*** *** **** $** *******

***** **** ********* *** *** ******* to **** ******* ** *** ********:

***** *** **** *******, *** * do *** ***** **** ** *** most ********** ****** **** ********* *** looking ** ****

***** ******** *** ***** ** *** company, ** ******* *********:

** **** * ****** ******** ** the ******

*'** **** ***** ****** ** ******** on ********** ************

[***** *****] ** *** **** ******* in *** *********** ******** ** *** aware ** **** ***** ******** ** a ****** ***** [*** ** *****]

*******, ** **** ** ** "**** not *** **** *** ********" ** trying ** ********* *** ********* *** selling *** ******** ****** *** ******* having ** ** **** *** ******* of *****-** ** *********.

RMR ******* "*************" ***********

*** ***** ****** ********* ******* ******* is ******* ********** ** *** *** client ***********, ** **** **** ****** "sophisticated". *** ** ***** ****** *** is ******** ***** *** **** ********* and *** ****** ** *******.

** ***** ********** ** **** **** "recurring ******* *******" (***) *** "******" models *** *********** *** * ***** reason ***, ** *******, *** ******* is **** ** **** ********** ** regardless ** *** *****-** ******** ** the ******.

** ****, *** *******, **** ** introducing *********** ** "*******" ******** **********, such ** ** ****** ********, **********, or ***** "*************" *******, *********** **** been **** ** ******** ***** ********* during *****-**.

** * ******-** ** ****, *******, he ********* **** "**** *********** **** some * * * *********", ***** admitting **** "** ***** ** **** the **** ****, **** **** ** customers ** ********** *****".

"Experienced *******" ******

*******, ***** ****** **** "*********** ******** brokers" **** *** ********** *** ****** because *** "******" ******* "**** ***********".

** * **/**/** ***** ****** "* new *** ** ******* ** *** value ** ****** ******** *********", ** says *** * "******" ******* **** has **** $* ******* ** *********** integrator ******* *** $**,*** ***:

*** **** *** **** ** ******* C, *** ******, ** **** * little **** ***********. *** ****'* ***** you **** *** **** **experienced ******** *******, accountants, lawyers, etc. Because in the past, there weren't very many hybrids, and prices that were paid to sellers reflected a lack imagination about what the real values are. [emphasis added]

** *** ***** ****, *********** ***'* properly **** **** *** ** ***** valuations **********:

"* *** ** ********* **** * book ** ******* ********* ******* ********, they *** ****** ********* ** **"

"**** ** ***** **** ** ****, this ***** ** ** **** *** revenue *******"

Integrators ******** **********

**** *********** **** **** ***** ******* fall ************* **** *** **** *** months. ***** ***** **** **** ***** the ****** ** *********** ****** ***, and *** ******** ** ****** ** the ********** ** ***** ***********.

***** **** **** ** ********** ****** ~30% ** **** ******* ******** ** last **** ***** *** *** ********* impacted ** ****:

** * ******* *** $* ******* annual *******, **** * **% ******, and ******** ****** ** **%, *** price **** * ***** ***** *** for *** ******* ** ******** * multiple ** * ******* ******** ***** years ****** ******, **** *** ***** year ******* * **% ********.

*********** *** *****-** ******** ******** ** the ********** ** * "******* ******** three *****", ***** ** ******** * light ********** ** **** ********.

** *****:

***** *** ******** ***** ** ****, would ** **** ** ******** **** greater? *'* **** ********* ** *** valuations ** ********** *********** *** ****** a *** ***.

** *********:

******** *** ** **** ** *** might *****. ********* *** ******* **** would ****** *** ***** ***** **********. But ***** ** *** *** ******* with *** **** ********, **** ****** in *** ******** ***** ****** **** negative ****** **** ****.