a weekly publication about private-market dealmaking. CIMs, add-backs, valuations, war stories — written for the people building buy-side models at 2am.
one email. tuesday mornings. always free.
no. 001 · apr 22 the add-back that won't die. four years after PPP loans expired, COVID-era EBITDA add-backs are still showing up in CIMs. we've seen three this month alone. on a $5M EBITDA business at 6.8x, a $300K add-back inflates the purchase price by over $2 million. that's the game. — the editors
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