Koil Energy Solutions Inc. (KLNG)

[uncleremus]

I was surprised to see that they paid off FT strictly with cash. I thought from FT's point of view they would want some shares as part of the pay package as the purchase price of roughly 4.5 x ebitda seems very cheap. I would expect the next acquisition to be financed with a large cash deposit generated from operating income and a debt stucture that veers away from venture capital returns for the lender.