The company formerly known as Black Diamond will pay $79 million for Sierra Bullets, subject to adjustments, to take over a company that last year had revenues of $32 million and impressive EBITDA of $12.5 million for a multiple of 6.3X. Clarus said Sierra generates 95% free cash flow conversion and has limited CapEx requirements going forward and the transaction is expected to be accretive immediately. Clarus has an enormous NOL generated from years of losses under prior management. It has for some time been looking for acquisitions to activate the NOL as it simultaneously tunes up its core outdoor ... Log in to view full article.