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  "notes": "The slide provides a valuation context by comparing Napa's transaction multiples to historical precedent transactions.",
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      "text": "As the Selected Precedent Transactions below demonstrate, recent transactions have typically occurred at higher implied transaction revenue multiples than in earlier years (2011 - 2012), which Moelis took into consideration",
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      "text": "In selecting its precedent transaction multiples for its financial analysis, Moelis also considered that Napa operates on a larger scale than the transaction targets below and at greater LTM and NTM revenue growth than the means and medians listed below",
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