TerraVest (TVK) got a 30% haircut on Friday after its Executive Chairman was accused of insider tipping ahead of the company’s transformational $550M EnTrans acquisition…

… which weighed on the shares of other companies he’s affiliated with like Clarke (CKI, down 11%) and Calfrac (CFW, down 10%).

For TerraVest, the operational day-to-day shouldn’t be impacted - but with a multiple arbitrage roll up strategy being central to growth…

… any weakness in the multiple could shrink the pool of attractive targets, keeping investors cautious until the dust settles. Could be choppy for a while.

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