Tracy Alloway

It's not the only part of due diligence.

You do a lot of stuff online.

You do a lot of stuff with third-party channel checks.

But those in-person meetings with the management team are absolutely crucial.

I would never buy a company, any company, without doing management interviews.

That's the most important part of due diligence.

It's funny, I was hanging out with some people over the weekend and I was hearing about some deals that they were doing in the AI space, including a pretty large deal that apparently they completed in an afternoon.

And you can imagine what the due diligence process is on a deal that's completed in a single afternoon.

I don't know how to do that yet.

That's over my capabilities, but it doesn't take a long time.

We're surgical and...

Not overly intrusive in the due diligence, but the afternoon's a little tight.

So what made you comfortable with the premium?

Because again, 23% on the existing share price of Top Build, that's a pretty nice amount of money.

Yeah, it's a fair price.

It's not a terribly high price.

It's not a terribly low price.

When you're looking at multiples of EBITDA,

It's 14.9 times 2025 EBITDA pre-synergies and about 11.8 times EBITDA post-synergies, the expected synergies.

So it's reasonably priced.