Using the projections in below exhibit, what price should one pay for this acquisition?

Assuming Exit is 2003 - with a sale of 4xEV/EBITDA. with a minimum IRR of 25%

Exhibit 4. BartCo Projection as of 31/12/1998 ($ millions)
	1999	2000	2001	2002	2003
Revenue	127.9	134.3	138.3	142.5	149.6
Cost of Goods Sold	81.9	84.6	85.0	87.6	91.8
Gross profit	46.1	49.7	53.3	54.9	57.8
SG&A	39.4	39.8	41.0	42.2	43.4
EBIT	6.6	9.9	12.3	12.8	14.4
Interest Expense	4.2	4.6	3.8	3.1	2.4
Taxes (@40%)	0.0	0.0	2.2	3.9	4.8
Net income	2.5	5.4	6.3	5.8	7.2
EBITDA	10.0	13.3	15.7	16.2	17.8
Depreciation	3.4	3.4	3.4	3.4	3.4
Capital expenditures	3.9	3.9	3.9	3.9	3.9
Increase in NWC	1.4	1.3	0.9	0.9	0.9
Bank debt	50.9	42.8	34.0	26.5	18.3
Exhibit 4. BartCo Projection as of 31/12/1998 ($ millions)
	1999	2000	2001	2002	2003
Revenue	127.9	134.3	138.3	142.5	149.6
Cost of Goods Sold	81.9	84.6	85.0	87.6	91.8
Gross profit	46.1	49.7	53.3	54.9	57.8
SG&A	39.4	39.8	41.0	42.2	43.4
EBIT	6.6	9.9	12.3	12.8	14.4
Interest Expense	4.2	4.6	3.8	3.1	2.4
Taxes (@40%)	0.0	0.0	2.2	3.9	4.8
Net income	2.5	5.4	6.3	5.8	7.2
EBITDA	10.0	13.3	15.7	16.2	17.8
Depreciation	3.4	3.4	3.4	3.4	3.4
Capital expenditures	3.9	3.9	3.9	3.9	3.9
Increase in NWC	1.4	1.3	0.9	0.9	0.9
Bank debt	50.9	42.8	34.0	26.5	18.3