Strategic Criteria
• Established management team with proven track record
• Proprietary products/services, knowledge and methodologies
• Complementary distribution channels
• Market demand for products/services in China
• Flexibility to tailor products to the China market

Financial Criteria
• Profitable, cashflow generating business
• Reasonable multiples - Historically, XFL has acquired companies based on EBITDA multiples of 8-12x and P/E ratios of 10-14x
• Controlling stake, preferably 100%

Structural Criteria
• Historically, acquisitions funded based on half cash and half equity, with earn out structure and management contracts in place
• Payments are usually staggered over 2-3 year period