Deal Detail

Houghton Mifflin Harcourt Company to Veritas Capital

EV / LTM EBITDA

9.9x

EV / LTM Sales

Enterprise Value

Primary Source

Jefferies

Comparable Transactions

Consumer Services transactions announced in the five years to February 2022. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Dec 2021	American First Finance	FirstCash Holdings	-	-	12.1x	Strategic
Dec 2020	Acima Holdings	Rent-a-Center	-	-	7.3x	Strategic
Jan 2018	Lifetouch Inc.	Shutterfly, Inc.	$825M	-	5.9x	Strategic
Jul 2017	Outerwall Inc.	Apollo Global Management	-	-	3.6x	Financial
	Mean			-	7.2x
	Median			-	6.6x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	FRG FO	Jefferies	2023	-	-	9.9x	-	-	Open