Jason Hall presented an acquisition opportunity for a well-established event equipment rental company based in Alaska. This business has been a cornerstone of the region’s event industry for over 25 years, with the current owner managing it for the last 15 years. Known as the go-to provider for event rentals, the company services weddings, birthday parties, corporate events, and expos, offering everything from tables and chairs to large tents and party supplies. Alongside the rental service, the business operates a retail store that sells event-related items, such as napkins, cups, and decorations, catering to both individual and corporate customers.

The company’s reputation and extensive equipment inventory have made it the market leader, with competitors facing steep barriers to entry due to the significant capital required to match the business’s offerings. Operating in a highly seasonal market, the company completes over 300 events between June and August, representing a large majority of its annual revenue. Outside the summer season, the business remains active with smaller retail sales and occasional events, showing steady growth year over year since recovering from COVID-19. With a fleet of trucks, laundry facilities, and specialized industrial equipment, the business is fully equipped to deliver and set up rentals efficiently.

The owner, in his late 40s, is not in urgent need to sell but is motivated to focus on another business venture. He has taken steps to transition responsibilities to an operations manager who is poised to take over day-to-day management. However, concerns about maintaining company culture and retaining staff during the ownership transition remain valid. Recruiting and managing seasonal workers continues to be a challenge due to the remote location, which is 45 minutes outside Anchorage, the primary population center of Alaska. Despite the logistical hurdles, the company benefits from a strong network of event planners and venues, ensuring repeat business through word-of-mouth referrals.

Financially, the business shows impressive margins, though Jason emphasized the need to validate significant add-backs, including owner salaries, pensions, and discretionary expenses. If confirmed, the adjusted EBITDA indicates a profitable and well-managed operation, with consistent revenue growth in recent years. The current asking price of $3.2 million includes the real estate, which is valued at approximately $1.6 million. The seller is open to leasing the real estate separately, a potential advantage for financing through SBA programs, including a rent replacement strategy that could save on upfront costs.

Jason outlined opportunities for growth, including potential acquisitions of complementary businesses such as event planning or AV equipment rental. Additionally, improving operational efficiencies, expanding services, and exploring year-round offerings could mitigate the seasonality of the business. Concerns about equipment condition, depreciation, and working capital requirements during the off-season were noted as critical due diligence points.

Overall, the group responded positively, highlighting the strength of the rental model, the company’s leading market position, and Jason’s strategic approach to ownership. While challenges remain, particularly regarding seasonality and remote management, the deal presents a promising opportunity for a buyer ready to invest in growth and maintain strong operational leadership.

Full Transcript:

Jason Hall, if you’re ready to rock, the floor is yours, my friend.

Alright. So this is an event equipment rental company.

Really simple model model here.

Oops. They have a whole bunch of equipment that they they rent out. They they set it up for an event, and they take down. They got chairs, tables, huge tents.

That’s most of their their bread and butter.

They’ve also got a retail store where they sell, event related, party related, holiday related items such as cups, plates, napkins, etcetera, etcetera.

Business basics has been operating for over twenty five years. The current seller has owned it for the last fifteen years, and he was an employee before buying. He’s in his late forties, early fifties, so we’re not seeing that, urgency that you would with, somebody who’s in their sixties and ready to retire.

But they’re the market leader in their geographical area for this stuff. They’re they’re they are known as the go to company.

This this business is based out of Alaska in which, you know, I’ll I’ll make mention that later on.

Their sale details, they had three hundred events last year, and it’s very seasonal.

Up in Alaska, their their their open season is June through August. They got three months, so they got three hundred events in three months. Basically, about a hundred events a month.

And they vary by size and tape, type by birthday parties, weddings, corporate events, trade expos, etcetera.

And then their retail store did about twenty five hundred, retail customers last year.

Employee details, they got four full time and eight part time employees year round. They’ve got eighteen full time employees during the summer, and their key employees right now are the the owner who’s general manager.

They’ve got an operations manager who’s taking on more of the the GM duties. The the current owner is trying to back away and and do less in the business and then to hand off responsibilities to his operations manager. They’ve also got an event prep and delivery team lead, so he organizes and prepares the the teams for going to these events, setting up, and and taking down, and then they’ve got got a customer service and marketing manager.

Strengths and weaknesses.

One of their key strengths is is reputation. They do very little marketing. It’s word-of-mouth. People ask, you know, hey. If I need this equipment, who do I go to? And they are I think there’s about four to five other people that do this, type of business in the area, but they are the the go to people.

They’ve got lot of industry connections with, like, event planners, venues, etcetera, etcetera.

The variety and amount of rental equipment, they’ve they’ve got the biggest stock in place, and that’s why they get so much businesses because if somebody needs something, they they are more than likely to have it. They also have the supporting equipment.

Like, you load certain tents that you see. Mhmm.

They have this, you know, huge industrial tent washer that washes it. They have own laundry facilities and a fleet of trucks.

Weaknesses I’m seeing on the business is, recruiting and retaining part time and seasonal staff. It’s it’s challenging for them to do that each year.

Right now, the company operations are reliant on three key employees besides the owner and also the location.

They’re about forty five minutes outside of, Anchorage, which is the the the main city, up there, and, and they’re outside of that. So there’s lots of driving involved.

Also, I’m in Utah, and and the business is is in Alaska. So that I could make things, interesting if I were to pursue this and then, you know, transition to to ownership on this business.

Opportunity and threat. I see an opportunity to acquire complimentary company, maybe event planning, audio, video, equipment. They don’t do that now, but, I’m just kinda thinking that rather than trying to grow by customers, maybe grow by adding complimentary businesses to it.

The threat, market is basically theirs to lose.

So maybe a competitor can make some inroads on the business, but this would require a lot of capital spending, on the competitor to get the amount of equipment and, inventory that this current company has.

Before I turn to financials, what what am I looking for help with?

I’m looking for to connect with somebody who has industry experience to help me. You’ll look for red flags when it comes to due diligence and, you know, kinda know the un unknown unknowns that I do not know, and maybe also ideas for complimentary roll ups. And then also maybe somebody who has experience dealing with cultural issues, company culture issues.

This is a company where the current owner has really strong relationships with his employees.

And so I I can see some issues on, you know, an owner that’s there, has connections with employees, and then transitioning to somebody who is, you know, far away, a seventy absentee owner. And and there could be some issues with that. But that’s that’s the overview of the business.

Maybe before I turn to financials and the one sheet, I do have a a summary sheet here. Are there any questions about the business? Anything that I can clarify before we move to to numbers?

No. Not for me. I think you’ve nailed it. I I I think I like the business. I think there’s some issues that you’re gonna need to overcome, and you’ve you’ve nailed them. So that impresses me heavily that you know what the issues are.

You know, you definitely need somebody that knows this industry. This is a very, very cutthroat industry, from from my knowledge.

So but, yeah, I like the business a lot. Yeah. Keep going.

Perfect. Thank you. Yeah. I’ll just jump to the one sheet here.

So here are the numbers for the last three years. I wanna point out the issues right now because I know they’re gonna be brought up. Actually, one of them is the add backs. There are a lot of add backs, and that’s something we have to spend a lot of time looking into.

But if I look at my financials input page, something I noticed is that their cogs went down a lot and their overhead went up a lot. And I think it’s just a miscategorization, and that’s something I have to follow-up on. But, I think, basically, that’s it. But if we just look at the one sheet here, we’ve seen, good strong growth, especially since COVID.

I think they’ve you know, if these adjusted EBITDA numbers are right, I think they’ve got some strong numbers here.

And Those margins are incredible if they’re real.

Yeah.

That’s something I definitely have to do a deeper dive on on But but rent but that that’s the beauty of a rental business.

Right? Rental business, your margins and your return on capitals, they they are high. That that’s why those businesses are are so good. So, like, construction equipment, scaffolding, like events equipment, Like, this stuff’s not that expensive to buy and, you know, you’re charging a fortune for it, on a temporary basis, then you’re just you’re just recycling it. So so so, yeah, I’d I would expect the margins to be pretty pretty decent, but you definitely need to vet those ad backs for sure. Yeah.

But if they’re real, let’s assume they are.

Yeah. Those margins are solid.

Yeah. And if we look at a five year view, we see twenty nineteen, yeah, one point one million dollars. You have a dip in in COVID, but just kinda steady growth since since COVID.

Yeah. Why is the owner selling the business?

He has another business, that he hasn’t really put much time into, and so he wants to take some of the the capital from this business and and and time capital and time to invest into his his other business. I think he’s he’s late forties, early fifties, and I think he wants to he’s been in over twenty years and and wants to do something different with his life. So those are the the two main things begin.

And he’s selling you the the real estate has to come with a deal. Correct?

You know what? We talked about that last week, and he’s open to retaining the, real estate and and, selling just the business.

Okay. Well, if you go SBA, on this, we’ll we’ll we’ll look at the deal structures in a minute and the seller psychology. But if you’re gonna have to go down the SBA route, you might wanna check out a five zero four.

Yep.

Although after after what Jeremy and I have just been through the SBA, I I don’t ever ever go near those guys again. They’re a fucking Anyway, we had a very, very, very complex deal.

So We did talk about that, and my understanding is that it’s better to buy the business first, rent, and then, I mean, lease and then use the five zero four a little bit later on because you have to come up with that larger down down payment.

That’s a really good idea, actually, because the SBA, they have a phrase for that. It it’s called a rent replacement deal. Right? So if you’re renting a building and you want to buy the building to save on the rent, you don’t have to put any equity into that purchase of the real estate if you do it later. So you’re absolutely spot on. And apologies I’m listening, guys. I had major dental surgery on Tuesday before I came out to, the stage yesterday.

So my mouth’s still, like, swollen and stuff.

Well, that’s the business. That’s the numbers. Anything else you wanna look at?

Just go what talk talk me through the cell psychology.

Sure. So I think he’s really keen on the the brand and the name continuing.

He cares a lot about his employees.

I think there’s a good value alignment between the two of us. And we’ve had two calls over the phone, and we’ve we’ve hit it off really well. It’s been a really good conversation with them. I’m concerned about the motivation.

You know, one question I asked him is, like, well, why don’t you just move spend more time on your on your business and, you know, collect the you know, spend become more semi absentee and then work on your other business. And he said, yeah. That could be a thing.

I’m still trying to figure out exactly why he wants to sell it because he he’s not he’s not desperate to sell it. He he’s not the the guy with the gun and the the bottle of whiskey that you’ve talked about. So, there’s no sense of urgency there or distress. So it’s kinda low on the mud, but he does care about finding the right person, and and he cares a lot about the legacy and, what happens with employees afterwards.

Yeah. Okay.

Yeah. So are you thinking SBA for this loan structure? I I it’s worth a two offer. This is definitely with a two offer strategy in my opinion.

What what’s the asking price?

So it was three point two with the real estate.

I think it’s worth about one point six, one point seven, the business alone.

And I think he’d be open to that.

Yeah. Okay.

Eight?

Yeah. Okay.

I think so it it might be worth a two office structure.

You know, one point one point six, maybe a little bit less on an SBA or maybe something in the low twos on a ten year annuity.

Like, if it’s really doing six hundred thousand a year with just an EBITDA, you could easily you could go to three million dollars on a ten year annuity and still have a two x debt service cover ratio. So, if he’s interested in the income over an extended period of time and you give him the right security on the business, he might go for it. So I I would definitely do a two office structure on this, for sure. But, but, yeah, let’s open it up to, everybody else. I’m gonna go to Jeremy, then Mark, then Darren. So, Jeremy, what do you think?

I like it.

One, two No.

You might be on a call. Mark, what do you think? Four.

Yeah. So I like the deal. Couple of things that are just twig twigging in my mind, and great job presenting this.

May I ask you to give me a bit of color on the on the and take backs that bump up the adjusted EBITDA? And I’m asking this because if it’s not justifiable, it reduces the level of EBITDA, which is obviously before net profit, and that’s gonna impact on the purchase of the business with the property on, you know, your ability with, future profits to repay them. So where do you that’s number one. My number two is given that you’re in one part of the country and this is in another, it looks like rough and tough. You could have enough money from an EBIT EBITDA perspective to go and hire the very best competitive general manager to be the day to day new lead if it’s the right kind of person, etcetera, etcetera so that you don’t have to work in the business. So I like it because of that.

But I’m kind of not sure that I like the property being included in the deal. And I I kinda like options on on properties to start with because you need I assume you need the the office location to trade from. So definitely renting it with an option to buy it for sure would be something that would sit well in my mind. So those are three things that just crossed crossed my mind as you were talking about this. Do they make any sense?

Yeah. Definitely. You know, I’ll address them. So I’ve got the the ad back here. Can you still see my screen? Yeah. The big part of it is his salary, his his owner salary.

Then he’s got his, pension, his kinda IRA Yeah. Retirement contributions. This big one here, I it’s it’s kinda a whole bunch of different things. It’s meal, entertainment, miscellaneous. He does Yeah. You know, phones, charitable donations, sponsorships.

Yeah. Holidays. Insurance.

Yeah. So it’s this is something I definitely know I need to do a a deeper dive, and especially twenty twenty three. You know, it’s a lot bigger than than previous years. And so Yeah. You know, they they basically, you know, threw a whole bunch of things in the pot, and now it’s up to me to kind of look at those things and say, well, this is legit when this one isn’t legit. Yeah.

Yeah. That’s So on on that figure, make sure there’s no business trips and holidays that have been put through there because that hurts his valuation, and that’s gonna hurt him in the way he declares it if the company gets sold. So that that would be a a decent talking point if that if that turned out to be the case.

Perfect.

I like the fact that offices and salaries and insurance and pensions is attributed to him. Is that what you’re saying on those two figures?

That’s my belief. Yes. That’s my understanding to talk to him and the broker.

So that’s that’s great because that gives you the money at the right time to pay the new GM should you decide to go down that strategy of having it managed while you buy other companies to go along with it. So that’s that’s a wash if that’s the case. So I like that.

In meals and entertainment, there’s gonna be bullshit in there that shouldn’t be going through for sure. You just gotta find out what it is and see if you can work with that. So that’s really cool. Sorry I interrupted you because I was excited by those numbers.

What would you what else were you trying to say before I got excited?

Well, I was going to talk about your your, second point there is that it’s location. And my plan actually for the first couple of years, because it is seasonal, is to actually go up there. I actually have a a connection to the area. My my oldest son just recently moved up to Anchorage with the the air force up there. Yeah. So I’m very open to going up there and and being there June, July, and August, then coming up periodically through the year, but then scaling back over the year.

So Yeah. I have no problem going up there, learning the business.

And then the second part is that he does have a a manager that he’s trying to groom and and take his place.

Right. And so I’d have to come up there and get to meet know meet the guy. But I think there was an expectation there is that once the the owner leaves that this this number two will kinda step up and take his place.

So providing you’re happy with I always worry about, are you gonna buy a job and do you wanna buy a job? Yep. And if you do wanna do that, then fabulous.

Well, I I first I I wanna be able to understand the business and know the business. I I’m also looking at businesses that if, you know, if a key player leaves, I’m able to step in and and and kinda take control until we’ve got a replacement.

So I’m I’m very open to to kinda be Okay. A semi absentee owner on on a business like this.

Yeah. Okay. And then what about the property? Do you do you feel that is that where it ties into your five zero four and an SBA where you, you know, you basically lease it from in for a period of time, but have a separate option agreement to purchase it at a price you agree, pay a little bit extra by way of deposit towards that? Are you familiar with that kind of thing?

Yeah. I I I’ve done a little bit of research on that, and I’m open to it. I’d rather lease beginning and then, as you said, buy it with the SBA later on if I decide to buy it. I don’t wanna do it upfront because the the down payment requirement would be too great.

Okay. Sweet.

Alright. Let’s go to, let’s go to Darren Yee, and then we’ll take some questions.

Darren, what is Jason, I really I do like this deal.

I mean, the margins look fantastic on it if they’re true. Right? And it looks you know, based on your ad backs and stuff, they look pretty solid in that side. So I think there’s definitely a great opportunity.

You know, we’ve talked a little bit about, you know, you you’re living in Utah, and then, you know, they’re in Alaska kind of a situation. You know, I think as you’re evaluating, if you’re gonna have, like, an operator in there, you know, with the company culture, maybe an implementation of some variation of the Eos platform. Right? So you can kinda keep that company culture rolling.

You know, some other bolt on type businesses, you know, like, I’m thinking, you know, for the trying to keep employees engaged. Right? You know, maybe add some form of a catering type business. They’re already there.

You know? Not that I’m a big food service kinda guy, but it might encourage them to just tips, things like that. You know, it’s adding the full service, you know, to your team. They’re already there kind of a setup.

So Yeah.

You know? But I think on the real estate, I’d explore a lease option. Right?

You know, I think that’s a great opportunity for you. And, you know, those lease options, you might have to pay a little bit on the option piece, but it gives you that variety to come in and say, hey. I get first start refusal on it, if I wanna take it down in three, four, or five years. Right?

And I think the last piece of this is really, like, what are the long term goals of this company for yourself? Right? Like, do you wanna hold this thing for three, four, five years and then sell it off, or do you wanna hold this until you retire and pass it on to another family member? I think there’s a you know?

I I might have a product for you if you decide, like, hey. My goal is just to grow it three, five years, sell it back off, you know, kinda situation. Right?

That doesn’t necessarily have to go through the SBA. So, but yeah. Perfect. So something you can kinda think about for sure.

I appreciate that. Thank you so much.

Yeah. Okay. Let’s go to questions. Kate Stoner. You’re on mute, my love.

I’m on mute. Okay. No. Okay. I have questions. So, in terms of the business itself, so I uphold more equipment in my day than I care to say.

How’s their how’s their equipment? Like, all the stuff that they’re renting out. What kind of shape is it in? I saw a depreciation number. Is it recent? Does it have to be replaced?

What’s the status on that?

Yeah. That’s a concern that I have. I have not been on-site, have not taken a look at it.

So I I can’t answer that question. I am concerned about the depreciation whether I’m buying a business that, he’s been able to take advantage of, depreciation on depreciation on his tax returns and whether I’m gonna buy a business where he’s basically tapped it out, and I I don’t want to have that that benefit. So that’s that’s something I need to to do a deeper dive on. But appreciate your question on that.

And then also in terms of the real estate, if you end up having to increase or decrease your inventory, having real estate I mean, I’ve I’ve had to deal with, like, storage issues a lot with my events businesses. So, you know, do do you have room to grow? Are you renting more? Do you have more space than you actually need?

Is you know, what kind of space is it? Is it climate controlled? Is you know? And, basically, is there easy in and easy out?

Who’s picking it up? Do they have a fleet of trucks? Is it the people who are renting it or picking it up, or do they deliver?

How does that whole how does that all flow? Because that’s that’s gonna be huge, especially if you have a if you have difficulties bringing in people seasonally.

Yeah. I can answer the last question. They do have a fleet of trucks. They have seven of those big, box cube, cube vans. And so if it’s a very large event, that that’s their job is deliver, set up, and then once the event’s over, come and take down.

Mhmm.

Some smaller things, like, if it’s a birthday party that they wanna bounce house, if if the the people renting have the ability to take it, they take it.

But, again, they do have the fleet of trucks to to deliver everything.

Mhmm. Okay. Great. Thank you. Good luck.

Well, thank you.

Great. Let’s go let me come back to Zoom. I’m just checking my messages there.

I got another question.

Yeah. Let’s go to, David Droll, and then we’ll go to all time. David?

Yeah. Good morning, everybody.

So I I I like rental businesses a lot.

My concern with this one is is because of the location, it is super, super, super seasonal.

And so looking at this, you know, if we’re looking at the year end snapshot on the balance sheet, I think it’s undercapitalized, because you’ve gotta carry, those, what, four full time employees and the overhead of the business and the overhead of the property for, you know, a good four or five months before you start having income coming back in again, in any substantial level. So that would be one concern is, like, is, like, you you you in your deal structure, you’re gonna need to beef up the capital on the business, and you’re gonna need to look at those ebbs and flows of working capital over the course of the year because of the seasonality.

That level of seasonality is gonna make it really, really hard to do, I think, as an SBA loan.

You you can get an SBA structure where maybe you have interest only payments during the off season and PNI payments during the the busy time of the year.

But, otherwise, the bank is gonna get really concerned that you, that you make all the money in in four months or five months. And then, are you going to leave that cash in the business? How can they tie you to leaving that cash in the business so that you can carry the business through the off season?

That being said, on the flip side, I love an SBA SBA loan for this deal because real estate value is right on the cusp of being fifty percent of this deal.

So if we can structure this purchase where we put a little more value on the real estate and a little less value on the business, we can get to that fifty one percent real estate value, and we can amortize the entire purchase price over twenty five years.

That makes any deal doable, with this business if you can get the SBA. The other thing the SBA is gonna struggle with are those add backs.

The salary, not, you know, fine. The pension stuff, fine.

Those really big add backs on travel and entertainment, those really big add backs on personal auto, things like that. We’re gonna have you have to make sure those are really, really well documented for the SBA to accept those. But, again, if you can get to that twenty five year amortization, you’re gonna be so over the top on debt service coverage that it’s not gonna be a big deal. So that’s that’s my read on it.

Alright. Thank you.

Great. Thank you for that. Let’s go to Altaf. Good morning, sir.

Hey. Good morning, everyone.

I had a couple questions. I first of all, you know, I I think that this is a it looks, you know, how you presented it was first of all, a great presentation. The business looks pretty promising as far as, you know, the margins and the the the type of business positioning the the you know, it seems to have a corner on the market there.

You know? So I guess my concerns are a few, and I’m looking over here because I wrote some notes. So excuse me.

So I guess you are, you know, you are, going to be, you know, a little bit far from Utah to Alaska. Have you and and you said that you don’t mind being, you know, part time business owner and that type of thing. But do you have a plan on how often you’re visiting and when? Are you planning on spending those three months, you know, traveling more, that kind of thing? Have you thought of that level of logistics?

Definitely. Yeah. My plan is if I were to go ahead with this business is to spend the summer, you know, June through August this year, probably June through August next year, and then start weaning back after that. I probably also visit, you know, every four to six weeks during the slow season just to check-in and see how things are going. Also, maybe, like, a weekly Zoom call with the manager. But, yeah, I’ve definitely thought that through. Again, I think I did mention that my oldest son is up there, so I had no problem going up and spending the the summer up in Alaska and and doing stuff in Alaska and hanging out with him as well.

Great. And what percentage of the business occurs during those three months?

That’s something I’ve not got back yet. I just know for the event side of things, which is their moneymaker, it’s it’s it’s basically I’m guessing at least eighty percent, maybe ninety percent. They did mention that they’re you know, February January and February are usually slow months for them, but they’re saying that it’s starting to pick up a little bit. Like, this year is about twenty percent more than last year, whatever whatever last year was. But my guessing right now until I get verified is about eighty percent of the business of the event business is the summertime.

1. And then is there did you get a sense of why you you had mentioned one of the cons was kind of the location of the business itself forty five minutes from Anchorage. Do you did you get a sense of why it’s so far?

That’s just where the the business started off as. And as the business grew and developed a reputation, they became more kinda entrenched in that city. I think it’d be very hard to relocate, in an affordable manner. But just, that’s where it started, you know, twenty five plus years ago and just kinda built over time, developed a reputation, and word-of-mouth spread. And, that’s where it’s at. That’s where the business is at.

So Yeah. I I without knowing that level of detail, I mean, Anchorage, forty five minutes away, is the population center of Alaska, two hundred eighty thousand. The two next populous cities are are Juneau, thirty thousand, and another one, Fairfield or something, thirty thousand. And each of those is, like, six hours and twenty hours away.

So there’s really no other, you know, population center to do business. And I’m wondering, you know, like, that type of distance that you’re already setting yourself up back, you know, with all the costs of transportation, you know, just to just that type of thing to think about. And if there are is twenty, thirty percent of the business the rest of the year, then those, you know, few employees that are full time year round, I think, obviously, that’s important to keep them like that. And I guess the the main thing in my mind is gonna be your relationship with that ops guy who’s become the new GM.

You know? I mean, that’s gonna be key. With with a few employees that are key to the whole business, that culture and that relationship is gonna be so important, and I’ll leave that at that.

Sure. Thank you.

Great. Thank you for that. Alright, guys. Get your votes in, then we can move on to deal number two.

So for the new biz on the call, a green light means you really like the deal. You want to pursue it. A red light means you wanna drop it, like, third period French. And then the size of the number is your conviction.

Right? So a green light one hundred, it’s called the golden buzzer deal. It’s not the best deal you’ve ever seen. A red light one hundred is like it’s like a pet rental business.

It’s the worst deal that you’ve ever seen. Right? So get get your votes in.

I’m a green light sixty on this. I like it. Subject to the ad backs, I’d love to do an annuity deal on this. I I I’d offer him three million dollars on an annuity deal. He might take it.

You’ve definitely got the cash flow and then have an option to buy the real estate later down the line using the SBA, rent replacement scheme, which will cost you no equity. So I love that deal.