Firstfolio has rejected suggestions that it paid too much for its latest acquisition, Calibre Financial Services, whose purchase was completed yesterday.Firstfolio has paid A$13 million for Calibre, which is expected to contribute $3 million in EBITDA (earnings before interest, tax, depreciation and amortisation) in its first full year.Calibre is a non-bank lender with a warehouse funding line from Westpac. It issued $200 million of mortgage-backed securities in 2007 but has been largely dormant since then. Since its formation in 2005 it has originated $1 billion of loans.Firstfolio's chief financial officer, Dustine Pang, said the purchase price was not based solely on the value of Calibre's loan book."There is value in the lending platform," Pang said. "Commonwealth Bank has helped fund this deal. They would have pored over it before committing to it. That is another layer of risk management that gives us comfort."Firstfolio's chief executive Mark Forsyth described the acquisition of the Calibre platform as "transformational". It allows Firstfolio to go to the capital market for funding, rather than being reliant solely on its wholesale funders - ING Direct, Advantedge and Adelaide Bank.It also allows Firstfolio to create a wider range of products for itself and for third parties. Pang said the group was already well advanced with its negotiations to bring two groups on to the platform under servicing agreements.Firstfolio has been on an aggressive acquisition drive for the past couple of years. In the last financial year the company paid $19.5 million for Club Financial Services, a finance broker, and $4.5 million for Apple Loans, a Tasmanian mortgage broker.Recent performance suggests the company is suffering from a few growing pains. It reported a 35 per cent increase in revenue for the year to June - up from $65.6 million to $88.9 million. Expenses rose even more - up 39 per cent, from $61.8 million to $85.9 million. Profits before tax fell from $4.5 million, in 2009/10, to $3.4 million in the year to June. Net profit was bumped up to $6.4 million, after the company drew on $3 million of deferred tax loss benefits.The company reported an increase in earnings per share from 75 to 85 cents a share. But if the tax benefit is taken out of the equation, earnings per share fell to 45 cents.