Cag International AG (WBAG:CAG) entered into a term sheet to acquire Innovative Management Solutions, Inc. for $8.2 million on January 29, 2021. The consideration of $7.65 million will be paid in cash and the remainder of $0.5 million will be paid in form of common ordinary shares of CAG. The term sheet provides for a purchase price of ten times IMS' 2019 EBITDA. The term sheet also provides for customary lock-up and leakage restrictions with respect to later sales of the CAG shares, a 4 year employment contract for IMS founder and CEO Jeff Collins, and an operating agreement between CAG and IMS. The term sheet also provides for IMS to continue as an operating entity under the firm's existing name and branding. Any acquisition is contingent on the parties entering into definitive agreements, and approval by the relevant governance bodies and shareholders of both firms.