Industry Reports

Q1 2012
As we look out over the horizon, we are optimistic about the prospects for middle-market business owners who may be considering a liquidity event. Our optimism is based on the fact that the current merger & acquisition market is supported by strong fundamentals, including:
Q1 2012
Outsourced clinical services are defined as specialty medical services that are delivered in the setting of a hospital, outpatient surgery center, or skilled nursing facility by clinicians or medical specialists who are not employees of the hospital or facility. Such services are outsourced, and provided by corporations that operate independently from the facility. The outsourced positions generally involve physicians, physician assistants, nurse practitioners, or medical technicians.
Q1 2012
The U.S. recreational products industry is an $8.7 billion market comprised of companies engaged in the manufacturing and marketing of sporting goods, outdoor equipment and equipment for other recreational activities such as archery and billiards.
Q1 2012
Merger and acquisition activity in the pet and animal care industry has improved compared to activity observed in 2009 and 2010. In 2011, there were 42 announced M&A transactions involving U.S. targets, which compares favorably to 22 announcements and 40 announcements in 2009 and 2010, respectively. We believe this increase reflects an improvement in the overall M&A market as well as increased interest in the pet sector, especially by private equity firms. 
Q1 2012
M&A activity in the juvenile products market has been consistently strong throughout 2010 and 2011 with 76 deals reported for the two years. There was a marked decline in activity in 2009 as companies were more focused on organic growth versus growing via acquisitions during the recessionary economic period. There is currently an elevated interest from both buyers and sellers in the industry, and M&A activity remained strong in 2011 with 32 announced transactions during the year, 10 more than in 2009.
Q1 2012
The economic downturn took its toll on mergers & acquisitions in the industry, which slowed during the depths of the recession in 2008 and 2009. During this period, the predominance of the activity we were experiencing in the space was related to distressed situations, typically involving opportunistic buyers and depressed valuation levels. At the same time, buyers remained cautious and, while there was plenty of interest in companies that were performing well and growing despite the recession, overall activity was subdued.

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