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Tully & Holland Publications



      Tully & Holland Market Update - January/February 2017
      March 2, 2017

      We are pleased to provide a market update for January/February 2017, highlighting notable transactions, recent market trends and a comprehensive list of transactions in the consumer space. This report will be distributed on a monthly basis going forward. We welcome your comments and feedback. 
       
      • Total M&A transactions in the reported consumer verticals were down 4% in January and 30% in February versus prior year periods.  

      • Kraft Heinz offer to merge with The Unilever Group (subsequently withdrawn) is an indication of potential industry consolidation resulting from an increase in consumer and market confidence following the election and erratic sector performance.   


      View PDF:  Tully & Holland Market Update - January/February 2017


      U.S. Food Industry Update
      April 8, 2016

      U. S. Food Industry M&A transactions maintained growth in 2015 while the Kraft-Heinz merger was the biggest story of the year. This mega-merger was accompanied by other large players acquiring smaller natural and organic companies in an attempt to respond to consumer's continuing demand for all natural, healthy alternatives. 

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      US Internet Retail Industry Update
      March 30, 2016

      Every year, more time-strapped consumers are lured by the convenience and low prices offered by online retailers.  Based on data sourced from the US Census, an estimated 7.4% of retail sales were online in 2015 compared to 4.3% a mere five years prior, making the internet retail industry one of the fastest-growing industries in the United Sates.

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      Chain Store Sales Quarterly Update
      September 28, 2015

      For the quarter ended August 2, 2015, the 121 chain stores tracked quarterly by Tully & Holland reported a median 2.2% increase in comparable sales.  Eighty-one of the chains monitored (72%) reported positive growth in same store sales for the quarter.

       View PDF:  Q2 2015 ended August 2, 2015


      Chain Store Sales Quarterly Update
      July 28, 2015

      For the quarter ended May 2, 2015, the 107 chain stores tracked quarterly by Tully & Holland reported a median 1.8% increase in comparable store sales.  Seventy-one of the chains monitored (66%) reported positive growth in same store sales for the quarter.

       View PDF:  Q1 2015 ended May 2, 2015


      Chain Store Sales Quarterly Update
      April 7, 2015

      For the quarter ended January 31, 2015, the 108 chain stores tracked quarterly by Tully & Holland reported a median 3.7% increase in comparable store sales, largest increase since the end of 2012.

      View PDF:  Q4 2014 ended January 31, 2015


      U.S. Pet Food Industry Update
      April 7, 2015

      The US pet food industry has experienced a CAGR of 2.9% as compared to 2.6% growth posted by the overall packaged food sector since 2010 backed by a long term trend of humanization of pets leading to "premiumization" of many sub-categories in the pet food world.  At the same time as the premium sectors have evolved, we have seen private label emerge as a meaningful sub category.  As a result, like many other food categories, there has been a bifurcation of the pet food segment into quality and value.  Further, room for consolidation and continued organic growth has led both private equity and strategic buyers to show strong interest in the category over the last couple of quarters.  We expect the industry to see robust M&A activity over the next 12-24 months at healthy valuations.

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      The Demand Index 2014 Full Year Summary
      January 26, 2015

      Median year-over-year 2014 demand grew 1.6% from 2013 on relatively flat circulation for the Demand Index companies. Median 2014 YoY demand growth was up 1.7% through the first half of the year, then was up 1.5% during the second half.

      View PDF:  Year End 2014 Demand Index Analysis


      Chain Store Sales Quarterly Update
      December 19, 2014

      For the quarter ended November 1, 2014 the 107 chain stores tracked by Tully & Holland reported a median 0.9% increase in comparable strore sales. Sixty-two of the chains monitored (58%) reported positive growth in same store sales in the quarter versus Q3 of 2013.

      View PDF:  Q3 ended November, 2014


      Chain Store Sales Quarterly Update
      September 16, 2014

      For the quarter ended July, 2014 the 103 chain stores tracked by Tully & Holland reported a 1.4% median increase in comparable strore sales. Fifty-two of the chains monitored (50.5%) reported positive growth in same store sales in Q2 of 2014 versus Q2 of 2013.

      View PDF:  Q2 ended July, 2014


      Flavors & Fragrances Industry Update
      August 6, 2014

      Flavors & Fragrances is a $25 billion industry globally, growing at a compounded annual growth rate of 4.5% since 2006. Traditionally, its growth has been linked to broad consumption trends and new prodcut development. Going forward, increased consumption in emerging markets, recovery in developed economies, and innovation are likley to fuel growth.

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      Craft Beer Industry Update
      July 9, 2014

      In 2013 retail Craft Beer Sales grew an estimated 20%, from $11.9 billion to $14.3 billion, representing the industry's 8th consecutive year of double-digit sales growth.

      Fiercely independent, craft brewers are less inclined to sell resulting in scarcity of sellers. This void combined with double-digit category growth has yielded premium valuations for those who are willing.

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      Restaurant Industry Update
      June 24, 2014

      Substantial investment is taking place in three categories of the fast-casual restaurant segment; 1) Healthy dining chains, capitalizing on a widespread shift towards healthier consumption behaviors;  2) Premium burger chains, following the explosive growth of Five Guys Burgers; and 3) Artisan pizza concepts, attracting strategic investment from players like Chipotle and Buffalo Wild Wings.  

      Interestingly, a number of private equity firms, enamored by the tremendous growth opportunity, are going out of their way to fund early stage disruptive opportunities in the Restaurant Industry. 

      The influx of M&A and investment activity indicates that investors have fully recognized the growth potential in Fast Casual.   Increased M&A activity and strong valuations are expected to prevail through the rest of 2014, fueled by continued investor demand for well-operated, growth-oriented restaurant concepts with superior unit level economics.

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      Chain Store Sales Quarterly Update
      June 20, 2014

      For the quarter ended May 3, 2014, the 109 chain stores tracked by Tully & Holland reported slightly negative comparable store sales.  Forty-seven of the chains monitored (43.1%) reported positive growth in same store sales in Q1 of 2014 versus Q1 of 2013.

      View PDF:  Q1 ended May, 2014


      US Internet Retail Industry Update
      May 13, 2014

      The internet retail industry has been a particularly hot topic of discussion over the past several weeks, with investors speculating whether Alibaba's recent IPO filing will be the largest in US history.  
      MarketLive's E-Commerce Index suggests that performance within the industry continues to support the hype, reporting 18.4% YOY revenue growth for internet retailers during Q1 2014.

      This comes following a year of strong performance for internet retailers in 2013, on the back of improving economic conditions and a continued shift in consumer behavior toward online purchases; which now constitute 5.8% of retail sales in the US.

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      The Demand Index 2014 Q1 Analysis
      April 30, 2014

      First Quarter 2014 year-over-year growth was relatively flat, with participating Demand Index companies reporting 0.4% demand growth on a 0.4% circulation decrease during the period.

      View PDF:  Q1 2014 Analysis - Performance By Industry


      The Demand Index Year End 2013 Analysis
      February 7, 2014

      For the year Demand was up 3.3%.  This is the third year in a row that Demand increased between 3.0% and 4.0%.  The steady growth of the overall indsutry contrasts with the wider variance in yearly Circulation increases and declines.  2013 Circulation was up 6.8% highlighting the Demand optimism many companies had for 2013. 

      View PDF:  Year End 2013 Analysis


      Restaurant Industry Update
      December 17, 2013

      Despite numerous headwinds amidst economic uncertainty, restaurant merger and acqusition activity remained stable with 84 closed transactions through November 2013.  Private equity funds were the most active buyers in 2013, accounting for 34% of all restaurant transactions up from 27% in 2012.

      The abundance of liquidity combined with a lack of large restaurant M&A transactions in 2013, continues to create favorable borrowing conditions and valuations for restaurant operators.  Fast casual restaurant chains commanded the highest valuations and greatest interest from buyers, which continue to take market share from quick serve and casual dining restaurants.

      2014 is projected up to be a good year for restaurant M&A with pitch activity stronger than it's been since the early part of 2012, with 56 announced transactions expected to close in the first half of 2014.

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      The Demand Index 2013 Q3 Analysis
      October 18, 2013

      The hints of a rebound in Demand at the end of Q2 2013 did not materialize immediately, rather Q3 2013 got stronger as the months progressed.

      View PDF:  Q3 2013 Analysis - Performance By Industry


      Craft Beer Update
      August 19, 2013

      Over the past five years, Craft Beer industry sales growth has significantly outpaced the overall beer industry. Consumers are willing to pay more for craft beer in order to obtain a higher quality product. As a result, sales grew by almost 50% since 2007, totaling $3.1 billion in 2012. This growth is not expected to diminish, even as consumers begin to move back toward purchasing premium beverages like wine and liquor.

      Tully & Holland takes a closer look at the Craft Beer industry, its players, buyers and sellers, and the relationship between healthy EBITDA margins and high valuation multiples.

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      The Demand Index 2013 Q2 Analysis
      July 24, 2013

      Slowing demand experienced during Q1 2013 spilled over into Q2 2013 but showed signs of a rebound as the quarter progressed.

      View PDF:  Q2 2013 Analysis - Performance By Industry


      Chain Store Sales May Update
      June 7, 2013

      The 10 chain stores tracked monthly by Tully & Holland reported positive comparable store sales. Eighty percent of the chains monitored reported positive growth in same store sales in May, some of which attributed to the delayed arrival of warm spring weather.

      View PDF:  May 2013 Report


      The Demand Index 2013 Q1 Analysis
      May 7, 2013

      While Q1 2013 demand slowed as the quarter progressed, overall results continued the strong gains seen during 2012.

      View PDF:  Q1 2013 Analysis - Performance By Indsutry


      Chain Store Sales March Update
      April 16, 2013

      The 13 chain stores tracked monthly by Tully & Holland reported flat comparable store sales.  Nearly half of the chains monitored reported declines in same store sales in March, some of which attributed softness to colder than average weather and the calendar shift.

      View PDF:  March 2013 Report


      Chain Store Sales February Update
      March 14, 2013

      The 13 chain stores tracked monthly by Tully & Holland reported flat comparable store sales.  This represented the weakest showing since December 2011.  Nearly half of the chains monitored reported declines in same store sales in February, some of which attributed softness to winter storms.

      View PDF:  February 2013 Report


      Chain Store Sales January Update
      February 14, 2013

      The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 4.3% for the month of January Many retailers achieved growth through post season sales.  Consumers responded to these post holiday clearances much better than anticipated, resulting in higher sales and cleaner inventories.

      View PDF:  January 2013 Report


      Specialty Retail - Brick and Mortar M&A Comes Back in Vogue
      February 1, 2013

      Changes in capital gains tax rates and the interest of several large brick & mortar retailers in expanding their online business contributed to the impressive 2012 year-end M&A activity. Other emerging trends include renewed interest by private equity in brick & mortar and increased interest in housing related retailers.

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      The Demand Index Year End 2012 Analysis
      January 29, 2013

      Cumulative year-end demand was up +3.9% on a decline in circulation of -0.4%, indicating a profitable year for the direct marketing industry sector.  Fourth quarter demand growth versus 2011 was "up and down" as a solid Ocotber +3.4% was followed by a weak November (-1.2%) and then an exceptional December +10.2%.

      View PDF:  Year End 2012 Analysis


      Chain Store Sales December Update
      January 7, 2013

      The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 2.2% for the month of December  Promotions played a large role in this increase in same store sales growth for many retailers.

      View PDF:  December 2012 ReportCumulative Graph July 2012-December 2012


      Chain Store Sales November Update
      November 30, 2012

      The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales decrease of 0.1% for the month of November.  While Thanksgiving week sales exceeded expectations, most retialers reported soft sales early in the month, in part due to Hurricane Sandy.

      View PDF:  November 2012 ReportCumulative Graph June 2012-November 2012


      Chain Store Sales October Update
      November 5, 2012

      The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.8% for the month of October.  Amazingly, eighty-two percent of the chains monitored reported same store sales increases for the month.

      View PDF:  October 2012 ReportCumulative Graph April 2012-October 2012


      Food Industry Update - Politics, Prices and Performance
      October 16, 2012

      The US Food Industry continues its resilient growth despite uncertain economic times and rising commodity costs. Consumer discretionary spending and US exports are on the rise driving top line expansion yet margins are under pressure due to the drought and continuing political regulation.

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      Chain Store Sales September Update
      September 29, 2012

      The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.3% for the month of July. Amazingly, seventy-three percent of the chains monitored reported same store sales increases for the month.

      View PDF:  September 2012 ReportCumulative Graph April 2012-September 2012


      Chain Store Sales August Update
      August 25, 2012

      The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.5% for the month of July. Amazingly, eighty-three percent of the chains monitored reported same store sales increases for the month.

      View PDF:  August 2012 ReportAugust 2012 Graph Details


      Chain Store Sales July Update
      August 2, 2012

      The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.5% for the month of July. Amazingly, eighty-three percent of the chains monitored reported same store sales increases for the month.

      View PDF:  July 2012 ReportJuly 2012 Graph Details


      Chain Store Sales June Update
      July 10, 2012

      The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.3% for the month of June. Sixty-five percent of the chains monitored reported same store sales increases for the month.

      View PDF:  June 2012 ReportJune 2012 Cumulative Graph


      Beer Industry News
      July 2, 2012

      Recent consolidation in the beer industry has generated robust EBITDA multiples. The average TEV/EBITDA purchase multiple for beer industry transactions since 2010 has been a healthy 18.57x across all transactions including five major pace-setting transactions greater than $1 billion. Coincidentally, Friday's announcement of Anheuser-Busch InBev's purchase of the remaining 50% of Mexican beer maker Grupo Modelo reports the multiple of the impending AB InBev deal will also be 18.57x. While a few mega-deals have dominated the transaction landscape, more than one-third of the 124 M&A brewery transactions since 2010 have been of companies with annual revenue less than $50 million.

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      US Food Industry Update - Millenials, Media, and M&A
      June 15, 2012

      The United States Food Industry has been very resilient throughout the past several years despite a difficult and uncertain economic environment and rising commodity costs that have squeezed margins across the industry.

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      Chain Store Sales May Update
      June 8, 2012

      The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 4.2% for the month of May. More than eighty-percent of the chains monitored reported same store sales increases for the month.

      View PDF:  May 2012 ReportMay 2012 Cumulative Graph


      Chain Store Sales April Update
      May 8, 2012

      The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 1.1% for the month of April. More than sixty-percent of the chains monitored reported same store sales increases for the month.

      View PDF:  April 2012 ReportApril 2012 Cumulative Graph


      The Demand Index 2012 Q1 Analysis
      April 27, 2012

      The first quarter of 2012 followed 2011's strong finish with an equally impressive, if not better, performance. Of the companies analyzed in the Demand Index, those reporting strong positive demand growth in Q1 2011 also had positive growth in Q1 2012.

      View PDF:  Q1 2012 Analysis - Multi-Year Performance AnalysisYear End 2011 Analysis


      Chain Store Sales March Update
      April 11, 2012

      The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 6.3% for the month of March. More than eighty-percent of the chains monitored reported same store sales increases for the month.

      View PDF:  March 2012 ReportMarch 2012 Cumulative Graph


      The Demand Index 2011 Year End Analysis
      January 30, 2012

      At the end of the first quarter, the T&H Demand Index analysis revealed that circulation and demand were very closely related.  There was a strong, positive correlation between circulation and demand in the data.  However, the year-end data displays quite a different picture.

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      US Pet Food Industry Update - Continued Growth Amid Difficult Economy
      October 25, 2011

      US pet food sales have continued to grow amid a difficult economy due in part to consumer interest in private label and premium brands. Despite soaring commodity prices which have led to high inflation within the industry, private equity interest remains strong.

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      The Demand Index - Q3 2011 Performance By Industry Segment
      October 20, 2011

      The Demand Index sample group has grown to 23 participating companies, giving us the opportunity to present an industry segment analysis of their circulation and demand data. Collectively, the group experienced increases in demand roughly equal to the growth in circulation. Our Q3 2011 analysis further divides this data into the Apparel, Home & Accessories, Multi-Category, Hobby, and Business-to-Business sectors.

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      The Demand Index - Q2 2011 Direct Marketers Demand and Circulation
      August 20, 2011

      Our quarterly Direct Marketers Demand and Circulation analysis shows a continued correlation between the change in demand and the change in circulation. To obtain additional perspective, Average Order Value was provided by our participating companies and an interesting correlation between AOV and change in demand was found to exist.

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      US Food Industry Update - Changing Trends Force Companies to Adapt
      August 9, 2011

      Companies within the US food industry have been forced to adapt to the trends brought on by the economic downturn. In order to keep up with the recession-driven changes in consumer preferences and evolving demographics, many companies must revamp their strategies. Skyrocketing commodity prices have required most companies in the industry to focus on their shrinking margins. Cash-heavy companies are poised to acquire highly leveraged food companies and divisions as the industry as a whole continues to consolidate to reduce costs. T&H expects the recent surge in the number of M&A transactions in this industry to continue.

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      The Demand Index - Q1 2011 Cumulative Circulation versus Cumulative Demand
      April 28, 2011

      Tully & Holland has been collecting and reporting on a group of direct marketers? circulation and demand since the first of this year. Each week, seventeen companies with sales ranging from $5 million to $400 million send to T&H weekly demand & circulation figures compared to the prior year. Each week we report back to those companies the group?s combined results. This broad measure affords those companies an index by which they can measure their own performance.

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      Condiments & Sauces - Strength Amidst a Difficult Economy
      October 26, 2010

      The condiments and sauces industry has performed considerably well through difficult economic conditions, depressed consumer spending and elevated price sensitivity. Since 2008, consumers have become increasingly more inclined to prepare meals at-home, as opposed to dining out. Given the relative contribution that sauces and condiments make to ease of meal preparation and taste enhancement, coupled with moderate price points, this sector has been one of the few bright spots among consumer products during the recession. We expect M&A volume in this sector to continue to increase as attractive opportunities for strategic acquisition and consolidation arise.

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      Internet Retail Industry Update - A Look Ahead
      May 10, 2010

      With Internet Retail being one of the fastest growing sectors in the overall retail industry, and with a strong fourth quarter in 2009, we expect retailers will continue to look to online as a next generation vehicle for growth. By contrast, during 2009 the M&A Internet Retail market was dismal. However it is beginning to show signs of recovery and we expect M&A volume to continue to accelerate over the next five years as the industry consolidates around brand name merchants.


      Sporting Goods - Corporate Divestitures Drive Increased M&A Activity
      April 6, 2010

      Merger & Acquisition activity in the sporting goods sector increased markedly in the first quarter of 2010 driven by corporate divestitures of non-core assets. Several publicly held sporting goods companies took advantage of improving market conditions and shed unwanted divisions. These assets were primarily snapped up by strategic buyers, many of whom were international buyers, not financial buyers.

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      U.S. Cracker Industry Update - Innovation and Niche Focus Drive Growth
      March 30, 2010

      Following three years of 3% compound annual dollar growth rate, the cracker market in the U.S. is approaching $4B in sales dominated by three companies, Kraft, Kellogg and Pepperidge Farm (owned by Campbell Soup). Currently these "big three? control greater than 75% of total cracker sales. However, competition continues to increase as two major marketers, PepsiCo and Procter & Gamble, continue to focus on the segment.

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      Specialty Retail - Investors Back Select Consumer Growth Trends
      February 11, 2010

      Amid multiple data points indicating that a consumer recovery is slowly underway, more than a dozen retailers successfully raised capital through private placements and public offerings. Retailers receiving funding generally operated in one of three segments: 1) discount/value/off price; 2) health & wellness; or 3) internet retailing, all believed to have superior growth prospects.

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      Market Observations as of October 30, 2009
      October 30, 2009

      While the value of worldwide M&A deals is down 38.2% over 2008, global equity and debt capital markets activity is up. As valuations continue to stabilize, expectations solidify, and credit markets continue to thaw, 2010 may see a wave of activity especially since private equity's overhang remains significant, some estimating at $400 billion.

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      Specialty Retail: First Signs of Recovery Surface
      September 8, 2009

      While rising unemployment, tight availability of credit, and lackluster retail sales have been widely covered in the media, several emerging positive trends, including rebounding retail valuations, have not. The S&P Retail Index increased more than 50% since March; consumer confidence lifted off its catastrophic lows; retail M&A activity has increased, and economists now believe that the recession may have ended during the second quarter of 2009.

      View PDF:  Specialty Retail Update


      Special Industry Update: Food & Beverage M&A Trends, 1st Half 2009
      August 17, 2009

      M&A activity in the food & beverage sector ticked upwards in the second quarter of 2009, following a gradual decline over the previous 10 quarters. Aggregate reported deal size for transactions announced in the first half of 2009 ($1.984 Billion) was less than one-third of aggregate reported deal value in the first half of 2008 (6.859 Billion) - evidencing the decline in mega-deals and reflecting overall market trends since the onset of the credit crisis in Fall 2008. Reported transaction values reached a low of $587 million in the first quarter of 2009, rebounding to $1.4 Billion in the second quarter of 2009.

      View PDF:  Food & Beverage M&A Trends, 1st Half 2009


      Market Observations as of July 21, 2009
      July 27, 2009

      In the first half of 2009, M&A volume involving North American targets was $317.3 billion, down 35% from the first six months of 2008. M&A activity would look even worse if not for a couple of blockbuster deals in the pharmaceutical industry. Pfizer is buying Wyeth for $68.1 billion, while Merck is acquiring Schering-Plough for $45.9 billion?the two biggest deals in the U.S. in 2009. There have also been big deals sparked by companies' economic difficulties, such as Chrysler's sale to Fiat.

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      Special Industry Update: Internet Retailing 1st Half 2009 M&A Trends
      July 24, 2009

      M&A deal activity in the internet retail sector has remained strong over the past 10 quarters but has recently fallen off in Q2-09. Aggregate reported deal size for transactions announced in the first half of 2009 ($6.4Billion) has increased four fold over aggregate reported deals value in FY 2008 ($1.3 Billion). The increase in FY 2009 is due primarily to two mega-deals. While we expect transaction volume to remain steady in the coming quarters, revenue and EBITDA transaction multiples are expected to remain below those of prior years.

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      Special Industry Update: Sporting Goods - Frenzied Deal Activity Continues Amid Economic Storm
      June 5, 2008

      Sporting goods valuations have in large part held up, unlike other consumer discretionary sectors, and both private equity firms and strategic acquirers remained active buyers.

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      Special Industry Update: Retail Imagery, Graphics and Signage
      May 9, 2008

      Consolidation within the Retail Imagery, Graphics and Signage sector, which is highly fractionated and competitive, is likely to accelerate in the years ahead.

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      Wholesalers Under Siege
      April 15, 2008

      According to the US Census, there are over 8,000 giftware, collectible, tableware and home décor accessory importers, wholesalers and distributors in the US. For years, these firms scoured the world and brought low-, mid- and high-end tzotchkes, knick-knacks, and stuff to the US market. Today, these companies are under siege by the trends of globalization, disintermediation, increasing retail competition and the weakening dollar. Though the number of establishments was relatively constant from 1997 to 2002, the latest year where figures are available, there is little doubt a consolidation is occurring as firms are being sold and liquidated. The days of a marketplace full of small importers and wholesalers are waning, to be replaced by a directory of larger, more sophisticated designers, and retailers importing directly.


      2007 Food Industry M&A Review:
      April 15, 2008

      Merger & acquisition activity in the US food & beverage industry continued at a strong pace in 2007, driven by three major trends: strong consumer demand for food & beverage products that promote health & wellness, sharply-rising raw material prices, and private equity investors? heightened focus on CPG companies. As all three factors continue to influence the sector, expect further consolidation in many sectors of the food & beverage industry in 2008.

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      Changing Times for Direct Marketers
      December 11, 2007

      The past ten years have been a period of transition among the top 100 direct mail catalogers


      Preparing Your Company for Sale
      October 2, 2007

      Selling your company is generally a once in a lifetime event fraught with emotion and filled with risk. Both money and a lifetime of work are at stake, therefore the considerations before and during a sale are vitally important. The process is important, and mistakes can cost a great deal, so one should proceed methodically.


      Relevant Sayings for Sellers of Companies
      October 2, 2007

      As an investment banker for middle market companies, my job is to do three things: 1. Sell businesses for owners who wish to exit or have a "liquidity event;? 2.Assist companies or private equity groups buy businesses; 3.Raise capital, either equity or debt, for growing companies. My experience, and the many years of investment banking experience of my colleagues, has taught us a few things about the deal business. Some of the lessons have been hard, some profitable, but all well learned.

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      Virtual Inventory Increases Enterprise Value
      July 12, 2006

      Just-in-time deliveries and Internet connectivity has developed in such a way over the past ten years that many direct marketing businesses base their business model and success on virtual inventories. What do I mean by "virtual inventory?? Essentially, virtual inventory is drop shipping merchandise orders directly from vendors? stock rather than the more traditional stocking merchandise in anticipation of demand. While there are exceptions, a company with virtual inventory should have the ability to achieve faster growth, better focus, and higher valuations than more traditional "stock and ship? companies. Let us briefly discuss the risks and benefits of both models.


      The Challenge Facing Multi-Channel Marketers in an Inflationary Environment
      June 1, 2006

      In the last few months, the effects of increasing inflation are evident?increasing oil prices, upward wage pressures, higher interest rates, and the rising Yuan. So what is the impact of expanding inflation on multi-channel marketers?

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      Catalog Age: Improved Momentum in the Third Quarter
      February 1, 2004

      Based on third-quarter results from the publicly traded companies tracked, consumer catalogers had reason to be optimistic about holiday sales. Eighty-one percent of the marketers tracked for Catalog Age by investment bank Tully & Holland reported improved third-quarter sales.


      Tully & Holland, Inc. Financial Report for Catalog Age - 4th Quarter 2003
      January 1, 2004

      James Adams, Managing Director at Wellesley Hills, MA-based Tully & Holland, Inc. reports that the Financial Report for Catalog Age reflecting 4th Quarter revenue and net income.


      Boston Business Journal: Q&A: Making private-firm M&As a successful venture
      May 21, 1999

      While mergers among giant public corporations capture headlines, small to medium-sized private companies are not immune to this phenomenon. It is easier to sell and finance mega-mergers like Chrysler Daimler-Benz and Amoco and British Petroleum, but what about selling mid-market companies? How do you sell your private business? How do you finance an acquisition? There are a number of issues that must be carefully examined by potential buyers and sellers before they even enter the market.


      Thinking About Selling Your Food Company?
      May 21, 1999

      The best time to sell your company is when its prospects are good. A buyer will pay more for a company that is well positioned for future earnings growth.