Do fixed assets influence the price of M&A transactions?

Industry standard practice is to price a transaction using a multiple (say 8x) against the company's profits (EBITDA). 

But what happens if the Company owns several pieces of expensive equipment? Say you're buying a manufacturing business making $2 million EBITDA for 8x, so that's $16 million purchase price. But say they have equipment in their facilities that is worth $10 million. Wouldn't a seller want to be compensated for these assets in some way or am I just missing something?

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