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.