Nice to see Crawford United $CRAWA make another acquisition buying Heany Industries. Heany does industrial coatings and ceramics, mainly for aerospace applications.

The purchase price was $7 million. Assuming a 5x EBIT multiple and 50% debt financing at 7.5%, the purchase would be accretive to EPS by about 24 cents and have a cash-on-cash return in the mid-20%s.