We are still raising our search fund but have found a very interesting company to acquire. The target has a good EBITDA and margins for the model, willing sellers, simple operations, a history of profitability and client growth, and we see good potential for revenue growth and cost optimization, however, due to the nature of its business it has high concentration with its top client and revenue is not contractually recurring (but a good history of very loyal clients that increase revenues year by year).. 
We have talked to the owners and believe that we could acquire at around 5x EBITDA and they have allowed us to evaluate and potentially make an offer through the end of the year in exclusivity. If we do not make an offer before January they would open the process to others, which could increase the price for interested buyers.
If you are interested or know someone who could be, please let us know.