I find it difficult to figure out how a private equity firm could make money on this at more than $30/share. Unless they could leverage this at 4 or 5/1 (and since their tangible net worth is negative, I just don't see that happening) the numbers don't work unless one assumes the FCF could grow by huge numbers over the next 4-5 years. In fact $30 seems to be a stretch to me.
True, by traditional metrics they overpaid greatly. However, we live in untraditional times ... and they are getting more dangerous.
ACOM has been getting into areas that the governments and the people behind the governments are very interested in, not only census data, but genetic relationships as well. I suspect that, just like Google and Facebook, the main paying customers for ACOM will become the governments and their agencies. Being private will allow ACOM to have less scrutiny over how its database is used. My guess is that somewhere there is a tie between the private equity company and either the NSA, eugenicist families or both.