Black Diamond Group (BDI) jumped 7% on the back of its $165M acquisition of Royal Camp Services, pricing the target at under 5x EBITDA without synergies…

… which looks great on paper, with management indicating the purchase price is roughly in-line with Royal’s net tangible asset value. Once closed, it should add ~30% to EBITDA…

… and bring more scale/density in BDI’s core markets. With Canada looking to execute on its nation-building agenda, the deal timing couldn’t be better.