One of the largest aftermarket parts manufacturers, Corbin Pacific (known best for its Corbin seats line) is up for sale. On the chopping block since early this year, the California based company has been unable to find a buyer. Continue past the job for the financial details.
Investment bankers are asking $11.5 million for the company, which has offices in both California and Florida. With over $14 million in revenue for 2008, that puts the asking price around the industry standard .8 multiple. Corbin’s net income in 2008 was $1.9 million, which puts operating margins around 13%. If you’ve got a pention for cutting fat, and a $3 million down payment, you too could own your very own seat manufacturer. Thanks for the tip Peter.