How can two companies with the same financial profile have significantly different EBITDA multiples at acquisition?

Two companies with the same financial profile can indeed have significantly different EBITDA multiples at acquisition due to the levels of competitiveness in the acquisition process. When multiple buyers are interested in a company, it can lead to a competitive bidding situation, ultimately driving up the acquisition price and resulting in higher EBITDA multiples. The perception of value can shift dramatically based on how attractive each company is perceived in the marketplace and the urgency or willingness of buyers to close the deal swiftly. If one company has more bidders or interested parties, the competitive dynamics can lead to a greater valuation premium, influencing the multiples significantly.

The other options don't fully capture the reasons for discrepancies in EBITDA multiples. Identical market conditions would suggest similar valuations, which isn't the case here. Applying the same industry norms implies a certain level of uniformity in how companies are valued, which doesn't account for how varying buyer enthusiasm can greatly impact multiples. Lastly, both being acquired by the same investor does not necessarily guarantee different multiples if market conditions and competitiveness remain constant between the two companies. Thus, the competitive environment surrounding the acquisition is the primary factor leading to the differences in EBITDA multiples.