DLH Holdings Corp. announced that it has acquired Danya International Inc., a provider of technology-enabled program management, public health expertise, consulting, and digital communications solutions primarily to the Department of Health and Human Services. Danya generated adjusted 2015 EBITDA of $6.3 million. The purchase price is $38.75 million comprised of $36.25 million in cash and approximately $2.5 million in restricted common stock.
At first glance, this looks like a solid deal for DLH. They were able to acquire a company with complimentary capabilities and customers in the Federal healthcare space for a reasonable adjusted EBITDA multiple of just over 6 times. In fact, Danya’s 2015 adjusted EBITDA of $6.3 million is almost double DLH’s adjusted EBITDA of $3.2 million making this deal very accretive. We’ve seen some rich deals in the healthcare space but this doesn’t appear to be one of them.
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