Brad Jacobs

As you get bigger, there's economies of scale, there's benefits of size, that as you buy things and get bigger, you just don't get bigger, you get better.

You spread your SG&A out more, you get better technology, you get a better sales force, you get better training.

So the advantages of size, you have a better cost basis.

You please the customer better.

You have more density, more advantages of being a national network or maybe even a global network.

There's plenty of other people who have done M&A and created tons of value doing M&A.

I've maybe done a little more M&A than most people.

And the teams I've led have done it very well in terms of integration and optimization of those acquisitions.

But I didn't invent M&A.

M&A has been around for a long time.

It's not that they have to have low multiples, although I tend to go to industries that are single digit multiples, not double digit multiples, maybe low double digit multiples, but I'm not a 15, 20 times EBITDA kind of guy.

If you look at the 500 or so acquisitions that I and my team have done, average multiples in the mid to high single digits.

And I don't like to buy things that are priced for perfection and everything's got to go perfectly, swimmingly right in order to

achieve and maintain at 15 or 20 times EBITDA multiple.

I look for industrial companies for the most part.

I'm not a tech guy.

I use a lot of tech.

I invest in tech.

I am tech forward in my companies.

We utilize tech every possible place we can.