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