as·si·du·i·ty

In Mar-04 Alpinvest Partners announced a recommended bid for all of the outstanding shares of Dutch medical and oil & gas equipment manufacturer Delft Instruments at €17.50 per share valuing the equity at €152m. Including €8m in net debt the total consideration amounted to €160m. This implied the following multiples: 68% of sales for 2003 (€236m, 4.0x net tangible capital turn), 6.2x EBITDA for 2003E (€25.8m, 10.9% margin), 7.6x EBITA for 2003E (€21m, 8.3% margin), and 11.9x net profit for 2003 (€12.8m – before amortization of goodwill -, 5.4% margin).