Absolutely. The cost was actually 16% if you include the PIK feature. It makes zero sense to make an acquisition where borrowing costs are above (basicallly double) the EBITDA unless U think there are big synergies and the market entry will bring big windfalls- neither of which happened. I definitely would park that in their brain if on a CC or corresponding directly with them. It nearly wiped out the company.
But as I mentioned, the company was probably headed nowhere at the scale it was so I think they just Hail Maried it. I do still have enough confidence in Derek Dewan at this juncture because they never generated cash to a level to just fund basic operations so they brain farted on SNI trying to gamble when they had very little going on.
Now that they have financial health finally, I highly suspect they would not try any large acquisitions any time soon given the valuations won’t be there unless they have some miraculous connection or something (obviously very unlikely).
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