1 of 1

Organic Growth

Roll-up

7

Number of Clinics

20

$6.3M

Y5 Revenue

$19.6M

$0.9M

Y5 EBITDA

$3.7M

15%

Y5 EBITDA Margin

19%

4.0x EBITDA

Exit Multiple

5.0x EBITDA

$4.2M

Exit Equity Value

$15.0M

$0.6M

Debt Required

$6.0M

$0.7M

Investor Equity Required

$5.6M

36%

IRR

Internal Rate of Return

32%

4.6x

MOIC

Multiple on Invested Capital

2.3x

$0.7M

Returns to Entrepreneur

$2.2M

Chart 8: Organic growth vs. roll-up comparison