Moderating costs balance potential for slower growth in US packaging
07/03/2007. The abundant capital and easy credit of the past several years has spurred financial sponsor activity in the packaging sector and creditor protection built into high yield indentures and senior lending agreements has been easing with the upturn in the credit cycle since 2001, says Fitch. Private equity has been active in the industry, attracted by the relatively stable cash flows many packaging companies generate, as well as the opportunity in some cases to gain ownership in distressed situations.

US food & restaurant industries outlook is stable, but cost pressures are looming
10/01/2007. With the exception of the protein processors, whose demand and production cycles have been destabilised by the market impact of animal diseases, the operating performance of the food and restaurant industries was generally stable throughout 2006 says Fitch. Many firms absorbed higher energy and packaging costs, which moderated during the latter half of the year, but still remain relatively high and are expected to stay in that range in the near-term.

Retail - Boom or Bust in 2003
31/03/2003. A buoyant and investor friendly UK retail sector looks set to repeat last year's robust performance says Rhys Williams of Seymour Pierce. But there are a few storm clouds on the horizon. Personal debt levels have risen in the UK, the housing market has softened and the war in Iraq will all serve to dampen consumer confidence.

UK Retailing
17/12/2002. The UK retail sector is highly fragmented, with about 200,000 retailing enterprises registered for VAT, according to Barclays Bank plc. The players have been operating in an increasingly competitive environment, although the sector remains healthy – the industry's output has risen at a much faster rate than total GDP growth over the last ten years.

Retail and venture capital
24/09/2002. Retail can present important opportunities for private equity firms, says Sarah Whitney of PwC. The increasing fragmentation of the sector will lead to more and more M&A activity in the future. Large UK retailers, like other large corporations, have been divesting themselves of non-core operations in recent months, and private equity firms can benefit from this.

Time to reconsider the retail sector
27/08/2002. Private equity investors are cautious of the retail sector as many regard it as inherently volatile, impossible to analyse, depe.dent on the flair of maverick entrepreneurs and difficult to influence if things go wrong. Michael Jary and James George of OC&C Strategy Consultants argue, however, that the sector remains sound for private equity investment as it continues to be susceptible to the disciplines of good management like any ‘industrial' business.