2011	2012	2013
REVENUES		44,500	47,000	51,000
COGS		32,500	34,000	36,800
GROSS PROFIT		12,000	13,000	14,200
SG&A		4,100	4,300	4,450
DEPRECIATION		1,270	1,300	1,350
OPERATING INCOME		6,630	7,400	8,400
INTEREST EXPENSE		1,900	1,700	1,300
CAP EX		2,300	2,300	2,400
DEBT		31,600	26,600	18,000

1. Assume the company was purchased in 2011 for a 9x multiple using $31,600 of debt. What is the purchase price? How much equity is used?

2. Assume the company is sold at the end of 2013 for a 9x multiple. What is the equity return?

3. Company A has EBITDA of $4,500 and is purchased for 6x multiple in 2016, financed with $20,000 of debt. In 2019 the company has $5,600 of EBITDA and is sold for the same 6x multiple. Assuming there is $15,000 of debt at the time of the sale, what is the equity return?