USI sale price represents 12x multiple

The $4bn price tag Onex has pinned on its up-for-sale US
insurance broker USI represents a near 12x multiple of the
intermediary's Ebitda.
The Canadian private equity house reported that USI had
generated Ebitda of $347mn in the 12 months leading up to the end
of Q3 last year.
USI's net debt stood at
$2.18bn at 30 September 2016, indicating debt leverage of 8.1x,
while total nine-month revenues of $1.05bn showed strong
growth.
The debt leverage multiple is significantly higher...