Overview
[1] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[2] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[3] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[4] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[5] ‘Biden’s top tax rate on capital gains, dividends would be among highest in developed world’, CNBC, Jun 21 2021
[6] ‘Why U.S. Talent Shortages Are At A 10-Year High’, Forbes, Sep 22 2021
[7] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[8] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[9] ‘Global Market Intelligence’, S&P, Oct 08 2021
Search criteria measured as the last twelve-month dollar volume of loans defaulted divided they the total loans outstanding
[10] ‘Global Market Intelligence’, S&P, Oct 08 2021
Search criteria measured as the last twelve-month dollar volume of loans defaulted divided they the total loans outstanding
[11] ‘Global Market Intelligence’, S&P, Oct 08 2021
Search criteria measured as the last twelve-month dollar volume of loans defaulted divided they the total loans outstanding
[12] ‘Global Market Intelligence’, S&P, Oct 11 2021
Search criteria measured as the last twelve-month dollar volume of loans defaulted divided they the total loans outstanding
[13] ‘Oil hits multi-year highs as OPEC+ sticks to output plan’, Reuters, Oct 05 2021
[14] ‘Toppan Acquires InterFlex Group’, Toppan, Jul 28 2021
[15] ‘Dentsu to Buy Customer Experience Agency LiveArea’, The Wall Street Journal, Jul 07 2021
[16] ‘Foot Locker’s savvy acquisition of Japanese cool’, Financial Times, Aug 07 2021
[17] ‘Google to buy Japan payments firm Pring’, Reuters, Jul 13 2021,
[18] ‘PayPal acquires Japan’s Paidy for $2.7B to crack the buy now, pay later market in Asia’, Tech Crunch, Sep 08 2021
[19] ‘Coronavirus (COVID-19) Vaccinations – Japan’, Our World in Data, Sep 21 2021
Sector Commentary
[1] ‘US withdraws from Afghanistan, bringing an end to 20-year war’, Financial Times, Aug 30 2021
[2] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[3] ‘Biden’s top tax rate on capital gains, dividends would be among highest in developed world’, CNBC, June 21 2021
[4] ‘Biden’s top tax rate on capital gains, dividends would be among highest in developed world’, CNBC, Jun 21 2021
[5] ‘Black Box Intelligence’, Sep 30 2021
Search criteria: Same-store sales metrics 2-year comparisons vs. 2019 results
[6] ‘Black Box Intelligence’, Sep 30 2021
Search criteria: Same-store sales metrics 2-year comparisons vs. 2019 results
[7] ‘Black Box Intelligence’, Sep 30 2021
Search criteria: Same-store sales metrics 2-year comparisons vs. 2019 results
[8] ‘National Statistics’, National Restaurant Association, Sep 30 2021
[9] ‘National Statistics’, National Restaurant Association, Sep 30 2021
[10] ‘How consolidations are affecting the food & beverage industry’, First Midwest Bank, June 10 2021
[11] ‘S&P Capital IQ Platform’, Sep 30 2021
Search criteria: Average Restaurant Industry EBITDA Multiples (2010-2021 YTD)
[12] ‘Fat Brands completes its $300m purchase of Twin Peaks’, Restaurant Business, Oct 01 2021
[13] ‘SPB Hospitality Completes Acquisition of J. Alexander's Holdings, Inc.’, Cision PR Newsire, Sep 30 2021
[14] ‘FAT Brands closes $442.5m Global Franchise Group acquisition’, Verdict Food Service, Jul 23 2021
[15] ‘BBQ Holdings acquires two restaurant concepts in US’, Verdict Food Service, Aug 02 2021
[16] ‘Church’s Chicken Acquired By Investment Firm High Bluff Capital Partners’, Forbes, Aug 02 2021
[17] ‘Yum! Brands Undertakes to Acquire Dragontail Systems, an Innovator in Kitchen Order Management and Delivery Technology’, Yum! Brands, May 26 2021
[18] ‘Q3 2021 US PE Breakdown’, Pitchbook, Oct 11 2021
[19] ‘Deal-making activity in the travel & tourism sector declined by 17.4% during August 2021, says GlobalData’, Hospitalitynet, Sep 15 2021
[20] ‘Deal-making activity in the travel & tourism sector declined by 6.8% during July 2021, finds GlobalData’, Hospitalitynet, Aug 18 2021
[21] ‘M&A activity within travel is brisk, especially at small and midsize agencies’, Travel Weekly, Jul 21 2021
[22] ‘Reduced Losses but Continued Pain in 2021’, IATA, Apr 21 2021
[23] ‘Air Travel Forecast: When Will Airlines Recover from Covid-19?’, Bain, Sep 15 2021
[24] ‘Hopes fading for airline recovery in 2021’, AirlineRatings, Aug 24 2021
[25] ‘July May Have Been Peak for Americans Traveling in 2021: New Skift Research Travel Tracker’, Skift, Aug 18 2021
[26] ‘Blackstone’s $305 Million Hotel Grab Shines Light on Acquisition Climate‘, Skift, Sep 27 2021
[27] ‘Uniquely Different, Better Together: Benchmark Global Hospitality and Pyramid Hotel Group Announce Merger’, Yahoo!, Sep 30 2021
[28] ‘Inspirato to Go Public in $1.1 Billion Thayer Ventures Blank Check Merger’, Skift, June 30 2021
[29] ‘Lakestar Will Take HomeToGo Public in $1 Billion Bet on Vacation Rental Search’, Skift, Jul 14 2021
[30] ‘Oyo Claims a First Among Indian Startups in $660 Million Funding Round’, Skift, Jul 16, 2021
[31] ‘Softbank’s $1.7 Billion Bet on Yanolja Is Largest Investment in a Travel Startup Since Pandemic Began’, Skift, Jul 15 2021
[32] ‘Vacasa to Go Public in $4.5 Billion SPAC Merger on Heels of Vacation Rentals Surge’, Skift, Jul 29 2021
[33] ‘SpotOn raises $300M at a $3.15B valuation and acquires Appetize’, Tech Crunch, Sep 15 2021
[34] ‘Low-cost U.S. carrier Breeze Airways raises $200 million in new funding’, Reuters, Aug 18 2021
[35] ‘AI-powered travel tech platform Hopper raises $175M’, VentureBeat, Aug 17 2021
[36] ‘Blackstone selling Vegas hotel Cosmopolitan in $5.65B deal’, Star Advertiser, Sep 27 2021
[37] ‘Mergers, acquisitions running at fast pace in booming trucking market’, Logistics Management, Aug 9 2021
[38] ‘Mergers, acquisitions running at fast pace in booming trucking market’, Logistics Management, Aug 9 2021
[39] ‘Echo Global Logistics enters into Definitive Merger Agreement to be acquired by The Jordan Company for $48.25 per share in cash’, Echo Global Logistics, Sep 10 2021
[40] ‘A Trucking Crisis Has the US Looking for More Drivers Abroad’, Bloomberg, Aug 02 2021
[41] ‘Containers Piling Up at US Rail Yards Add to Port Strains’, Bloomberg, Sep 23 2021
[42] ‘United States Same Day Delivery Market - Growth, Trends, COVID-19 Impact and Forecast (2021 - 2026)’, Research and Markets, May 31 2021
[43] ‘FedEx Earnings Reflect Labor Shortage, Supply-Chain Woes’, The Wall Street Journal, Sep 21 2021
[44] ‘Echo Global Logistics enters into Definitive Merger Agreement to be acquired by The Jordan Company for $48.25 per share in cash’, Echo Global Logistics, Sep 10 2021
[45] ‘Worldwide Express and GlobalTranz to Join Forces’, Globaltranz, Jun 11 2021
[46] ‘Top real estate developers see more consolidation coming in 2021’, Business Standard, Dec 26 2021
[47] ‘Real estate tech is bouncing back from its pandemic slump’, PitchBook, June 28 2021
[48] ‘Property Managers Have Had to Quickly Digitize’, GlobeST.com, June 10 2021
[49] ‘Seven Ways Technology Is Disrupting Real Estate’, Forbes, Jul 12 2021
[50] ‘Homeward secures $371M to help people make all-cash offers on houses’, TechCrunch, May 27 2021
[51] ‘Real Estate Innovator Flyhomes Raises $150M in Series C Financing to Accelerate Expansion and Level the Playing Field for Homebuyers Amidst Record-Setting Housing Market’, Business Wire, Jun 10 2021
[52] ‘Cloud Computing as a Service Market Overview’, 451 Research, Jul 01 2021
[53] ‘Research, Application container market still expected to reach $8 billion by 2025’, Global News Wire, Sep 20 2021
[54] ‘How to Lead and Enable Digital Transformation’, Gartner, Jan 01 2020
[55] ‘Cisco confirms acquisition of Israeli startup Epsagon’, Globes, Aug 15 2021
[56] ‘IBM to acquire software provider Turbonomic for over $1.5 bln’, Reuters, Apr 29 2021
[57] ‘HPE reimagines customer and partner experience with software and data-driven insights’, Hewlett Packard Enterprise, Feb 23 2021