GAME OVER – COMPUTERSPIELE Alles nur ein Spiel?Gewalt in Computer- und Videospielen und ihre Wirkung. Von Melanie Verhovnik Abstract Computer- und Videospiele sind Teil der modernen Me-dienwelt, aber auch immer wieder Anlass zu emotionalen öffentlichen Diskussionen – vor allem zu Wahlkampfzeiten und vor allem dann, wenn Ereignisse wie School Shootings die Berichterstattung prägen. Obwohl Computer- und Videospiele, wie z. B. der als prototypisches Gewaltspiel geltende Ego-Shooter „Counterstrike", massenhaft von Jugendlichen und jungen Erwachsenen gespielt werden, wird nur ein kleiner Teil von ihnen gewalttätig. Dennoch bietet beispielsweise die Ähnlichkeit von realen Ereignissen im Vergleich zu den Spielgeschich-ten oft Anlass zur Spekulation, an einen Zusammenhang zwischen fiktiver und realer Gewalt zu glauben. Dieses Forschungsfeld ist gut untersucht, wobei die zahlreichen Einzelstudien zur Wirkung von Mediengewalt nicht gerade zur Übersichtlichkeit beitragen. Der vorlie-gende Beitrag fasst den derzeitigen Forschungsstand zusammen und liefert einen Überblick über Computer- und Videospielinhalte, deren Nutzung und ökonomische Bedeutung, und stellt darüber hinaus Theo-rien zur Wirkung von Mediengewalt und empirische Ergebnisse vor.Computer- und Videospiele werden nicht nur als „Kunst-
Catalystcf.co.ukEvolving consumer lifestyles driving M&A activityGlobal consumer trends for health, convenience and indulgence are driving growth in the mature bakery industry. Competition is high for those manufacturers and retailers that can meet consumer preferences, with the major bakery manufacturers that need to access faster-growing niches paying attractive valuations for high quality assets.
Key conclusions from this report include:
Innovation is key to accessing consumer
Major emerging markets players
spending on bakery
targeting leading brands in mature
In the mature US and European bakery markets, the fastest-growing brands Major emerging markets bakery are those specialising in healthier manufacturers and brand owners which " The bakery and pastry baked goods using high quality dominate their domestic markets are market is undergoing ingredients and which meet demand making strategic acquisitions of the a period of ‘healthy for innovation in ‘free-from' and for market leaders, and often iconic brands, innovation'. Both food ‘on-the-go'. Large corporates are in more mature and sophisticated changing their products to match these markets. Acquiring these brands enables consumers' health trends and using acquisitions to access diversification and gives these players market leaders and accelerate growth access to stable cash flows and further concerns continue in market share. Asia is becoming a major market
Valuation multiples at high levels
importance as well as Rising disposable incomes, urbanisation the value of innovative Strategic acquirers are willing to pay high and the demand for Western-style products which are multiples, often in excess of 12x EBITDA, diets are supporting the growth in both healthy and to leverage new technologies, access new sales of baked goods and pastries in indulgent. This shift, markets, grow product portfolios and particular. China is set to become the together with market expand addressable market size.
second largest baked goods market fragmentation and globally by 2020 with pastries the most Private equity has a successful record in
significant growth in popular segment. These markets the sector
emerging markets, are attractive to major corporates which Private equity (PE) is attracted to smaller, is driving strong see the potential for significant innovative manufacturers that have global M&A deal flow sales growth.
shown they can build loyalty, achieve by both strategic high levels of product development and players and private gain significant market share. PE is equity ready to pay continuing to grow these businesses and high multiples for is establishing a successful exit record, typically to strategic trade buyers.
Catalyst Corporate Finance Catalyst Corporate Finance LLP 2016 Differing motivations of health, indulgence and convenience driving growth and The high level of maturity achieved by the $339 billion global baking industry over the past five years is disguising the major growth opportunities associated with three trends – health, indulgence and convenience – which are driving the sector. Whilst consumers globally are Bread, the leading organic bread demanding convenience, the health brand in the US, is around $3.95/lb trend in developed markets has compared to the average whole-grain weakened demand for certain bakery price in the US of around $1.96/lb and " In keeping with global products such as white bread whilst white bread at $1.45/lb. bakery trends, consumers creating a fast-growing market for Manufacturers are enhancing the in the UK are continuing innovative products with higher nutritional profile of products. Mission, their perennial search for healthy snacks and in nutritional content. In Asia, indulgence owned by Gruma, has launched particular, alternatives to is leading to growth in baked goods and multi-grain tortillas with added fibre packaged bread. Brand pastries in particular. content and Associated British Foods innovators are capitalising has created a new product category on this consumer demand Innovation is key to growth in mature
by focusing on products with the launch of its multiple flavour which can deliver on savoury flatbreads, Ryvita Thins. convenience, positive In the US and Western Europe the These now account for over half of the nutrition and goodness. baking industry is a mature and category's sales in the UK with year- Soreen's sustained double fragmented market. Product innovation digit growth has been on-year volume growth at four times underpinned by successful is therefore a key differentiator and the rate of the flatbreads category.
product innovation, with manufacturers are adapting their The organic and free-from sector is over a third of its revenue products to meet health-orientated now being generated from enjoying strong growth, especially consumer trends and developing higher products launched in the in Western Europe, Australasia and last four years. Successful margin convenience formats.
North America. Once seen as niche innovators are leading Demand for whole wheat and specialty items bought mostly by those with food growth in the bakery grain breads is rising at the expense category and these remain intolerances, many consumers are attractive targets for both of white bread product categories. now switching to free from products trade corporates and PE The higher pricing and premium which they perceive to be healthier investors alike." perception of these products means and due to the increasing importance Paul Tripp
that they also offer superior margins. Managing Director, they are attributing to the quality and For example, the price of Dave's Killer p rovenance of ingredients, see Figure 2. Figure 1: Bakery industry – five year CAGR by selected country
Catalyst Corporate Finance LLP 2016 Differing motivations of health, indulgence and convenience driving growth and Annual sales of gluten-free bakery With many consumers choosing products are worth around $1.4 billion free-from as a lifestyle choice, and are forecast to grow by over seven manufacturers are expanding product percent annually over the next five ranges and formats to increase years. Established manufacturers the reasons for purchase beyond including George Weston (Canada), being free-from and driving growth Molinos de la Plata (Argentina), via restaurants, supermarkets and Warburtons (UK) and General Mills coffee chains. UK-based The Bread (US) have successfully launched Factory, which supplies Michelin-star gluten-free products. They are establishments, premium supermarket competing against innovative specialist Waitrose and other restaurant chains, " The global baking industry brands such as Genius Foods, which has partnered with artisan gluten-free is competitive, dynamic and trend driven. While has a 50 percent market share in bakery Wild Thexton to ramp up its consumer preferences vary the UK and which is expanding into by local market, there's France, Spain and Australia, and Dr. been a global shift in Schär, one of the European leaders in Intentional indulgent snacks
awareness of, and demand for, healthier food choices gluten-free food.
As well as new product development, which has fueled the brands have been leveraging the rise of gluten-free, non- Wellbeing organic ranges targeting
popularity of local and regional GMO and ancient grains, specialities to target a broader among other growing Organic bakery products are enjoying geographical customer base. categories. We've also seen significant growth as well; organic consumers' focus shift to Daelmans, a family-owned Dutch the quality of ingredients, bread in North America, for example, bakery business, exports specialist with more emphasis is forecast to grow by more than Dutch caramel waffles to over 30 on local sourcing and 27 percent between 2014 and 2019. countries and Italy's Corsini Biscotti, traceability of ingredients. This segment is becoming so Consumers want to know a family-owned baking business, what's in their food so popular that more markets are using exports panettone, a sweet cured transparency and labeling sophisticated marketing strategies bread from Milan, across Europe with is becoming increasingly such as developing products aimed at the UK providing a quarter of its sales. children and teenagers. For example, Another notable and While consumers are targeting Quality Food Group, one of the most thriving part of the baking healthier products in general, they are market today is indulgence prominent Italian bakery companies, also keen to have indulgent snacks. foods. While definitely has recently introduced Violetta Bio However, demand is for smaller not "healthy", we believe Snack, organic crackers using the premium quality, artisan portions, high quality ingredients and license of the popular TV show Violetta.
baked goods and snacks healthy additives. will also continue to be popular with consumers." Figure 2: Three year CAGR (turnover) of selected brands
Managing Director, Catalyst partner firm, USA The Bread Factory Source: Fame, Capital IQ using latest publicly available turnover.
*Two year CAGR, one year CAGR Catalyst Corporate Finance LLP 2016 Asia develops a taste for European
less than packaged equivalents, to bakery and pastry
increase sales. Singapore's BreadTalk Whilst manufacturers are appealing has grown to more than 500 bakeries to consumers in North America and with sales rising from $300 million Western Europe with healthier product in 2010 to $590 million in 2014, and ranges, consumers in Asia and the Taiwan's 85°C Bakery Café, which now Middle East have an increasing appetite has some 750 locations, has achieved for indulgence. Asia Pacific boasts 79 percent CAGR since 2008.
the highest pastry sales globally and Consumers prioritising convenience
accounts for the majority of global growth within pastries.
Convenience is of growing importance to consumers in both developed and Products such as Chipita's 7Day's emerging economies. Increasing range of flour-based sweet and affluence combined with faster-paced savoury products, which combine lifestyles is driving a willingness to convenience with the freshness of skip meals at home and spend on baked food and an attractive shelf food and snacks ‘on-the-go'. Bakery life, have gained strong market share and snacking occasions are strongly across the region.
linked and those brands that have In China, increasing affluence, been responsive to this behaviour have urbanisation and the influence of captured significant market share. Western culture are increasing Mondelez's belVita, which established demand. China is forecast to become a new eating occasion with the the world's second largest baked adult breakfast biscuit market, has goods market by 2020 behind successfully combined on-the-go Mexico, driven by rising demand packaging with nutritional (high fibre) by pastries in particular. The credentials. Launched initially in the opportunity is significant as China's UK in 2011, where it now boasts an biscuit consumption is less than 2.5 87% market share, the brand was kilograms per person compared to introduced to other European markets 8.4 kilograms in Western Europe; and North America and is now sold in bread consumption is just over 2 54 countries. belVita has achieved kilograms per person, compared with 35 percent per annum growth since 80 kilograms in Germany and 2011 and generates annual revenue 50 kilograms of Italy.
of $650 million.
The rise of Western-style bakeries, Brands including Mulino Bianco's which have been increasing their Focaccelle savoury bread snacks and presence across the region, is helping Samworth Brothers' Soreen malt to drive growth in pastries. They use loaf have developed single serving competitive pricing, with artisanal snacking portion packs to expand products costing around 25 percent the consumer occasions for their products (such as school lunch boxes) and appeal to a broader range of customers. Catalyst Corporate Finance LLP 2016 Convenience is a high priority in Europe Demand for convenience and food For example, Spain is seeing the on-the-go are supporting growth emergence of ‘bakery coffees', retail in the global frozen bakery market, stores that sell bakery products and which is forecast to reach over coffee. They typically buy frozen bread $32 billion by 2018. Demand has been and warm it up during the day to match increasing from both coffee shop demand. They are able to offer lower chains and supermarkets for their prices compared to similar quality in-store bakeries which are attracted products from traditional bakery to the quality of frozen bread and stores. The largest player, Granier, patisserie compared to the short shelf has around 200 stores. Established l ife of fresh versions. in 2012, it is achieving double digit growth rates and is expanding to other " Bakery companies based in Continental Europe countries in Europe.
recognise the value of British brands and the ‘Buy British' image. The Case study: Euro Cakes sale to Biscuit Bouvard main stream bakeries are searching for high margin niche players with new founder and owner Livio Battistin technologies and healthy was considering succession issues product portfolios." and so was receptive to preliminary Jan Willem Jonkman
Managing Partner, Catalyst's partner in Italy advised the Catalyst partner firm, Catalyst's Italian partner firm Netherlands and France shareholders of Euro Cakes on its sale advised Mr Battistin on the right to France's Biscuits Bouvard. time to go to market and using its understanding of the business, Established in 1962, Euro Cakes has the shareholders' objectives and used investment in technology to the buyers' rationale, identified adapt to customer trends in taste, appropriate strategic acquirers and packaging and format and become financial investors with significant a leading producer of private label expertise in the sector.
sponge-based cakes with turnover Focusing on only the most strategic of $65 million and an 18 percent of these parties ensured there EBITDA margin. Exports account for was a competitive and quick sales 90 percent of revenues; clients include process which helped to secure both international retailers and food a valuation that achieved Mr Battistin's aspirations. The ultimate Strategic and financial investors buyer, Biscuits Bouvard, is a have been active acquirers in the leading French private label biscuit Italian bakery and pastry industry. specialist. The acquisition supports Euro Cakes' strong operational its strategy to expand internationally performance and leading position and entering the cake market will meant that the business would be enable further growth in the private an attractive target; Euro Cakes' label space.
Catalyst Corporate Finance LLP 2016 M&A is key to growth in a mature industry The bakery sector is highly fragmented and with weak growth in mature segments, market leaders are using acquisitions to target high growth segments and innovative brands with high levels of consumer loyalty and market share.
Capitalise on high-growth product
US-based Flowers Foods made two categories
acquisitions in 2015 to increase its Corporates are re-positioning and share of organic bakery sales. It diversifying their portfolios in order acquired Dave's Killer Bread, the to gain exposure to faster-growing number one organic bread brand categories and to consumer trends.
in the US for $275 million (circa 15x-16x EBITDA). Dave's revenue is Belgium-based Lotus Bakeries' around $125 million and growing at $90 million acquisition of UK snack approximately 25 percent. This was specialist Natural Balance Foods followed by the $120 million (circa 13x will expand its appeal beyond its EBITDA) acquisition of family-owned traditionally indulgent brands and give producer of organic and all natural it access to demand for snacks that breads Alpine Valley Bread; Alpine combine convenience with free-from Valley has generated a compound features. Natural Balance Foods average revenue growth rate of 51 makes a range of wholefood bars percent over the last three years. and snacks sold under the Nakd and Trek brands; Nakd bars are free from Smaller, fast-growing brands are gluten, diary, wheat and added sugars. also acquisitive. Genius Foods, the UK gluten-free food specialist, acquired Finsbury Food's £56 million acquisition Finsbury Foods' free-from operation of fresh and frozen bakery goods United Central Bakeries for £21 million specialist Fletchers gives it access to to increase its manufacturing capacity the higher margin and fast-growing and expand its product range into UK food service channel. This channel cakes and sandwich alternatives. is worth around £900 million a year, 70 From the UK, Genius supplies major percent of which is in morning goods, retailers in Australia, France and Spain Fletchers' primary focus. The deal as well as leading coffee chains Café means Finsbury is one of the largest Nero and Starbucks and has increased UK speciality bakery groups with sales turnover from £30 million in 2013 to of around £300 million.
£42 million in 2014.
Figure 3: Deal volumes
Figure 4: Cross-border as a percentage of all deals
Source: Capital IQ
Source: Capital IQ
Catalyst Corporate Finance LLP 2016 M&A is key to growth in a mature industry Gain exposure to strategically important
Grupo Bimbo's exposure to Europe and complements its product portfolio Acquisitions are being driven by the in Spain and Portugal – Bimbo holds a strategic need to access new markets, leading position in packaged bread in widen a product range or increase Spain (35 plus percent market share), market share by targeting leading yet its presence in sweet bread, a high domestic brands. This is leading to an growth category, is small (4 percent increase in cross-border deals, see market share).
Some large corporates are keen Major emerging markets players have to acquire leading brands with " Yildiz Holding has embarked been responsible for the largest deals in established brand loyalty and market on a program of synergistic the sector. Often owners of the leading share. Turkey's Yildiz beat competition global acquisitions brands in their domestic markets with a from US cereals maker Kellogg's and designed to accelerate dominant market share, they are looking UK-based Burton's Biscuits to acquire our international growth strategy and expand for diversification and growth prospects United Biscuits in 2014. The deal, our business activities by targeting the market leaders (and which valued the UK biscuits maker by means of strong and typically iconic brands) in sophisticated at more than £2 billion or over 10x well-recognised brands, and mature but stable markets.
EBITDA, was an exit for Blackstone additional manufacturing capacities and wide and PAI Partners. In 2015, Kellogg's Mexico's Grupo Bimbo has made a d istribution reach. acquired Bisco Misr, Egypt's leading series of acquisitions to strengthen The acquisition of United packaged biscuits company, enabling its presence in strategically important Biscuits represents a major it to increase its market share of the milestone in our vision of local markets and increase its market emerging markets snacks sector. global leadership in the share globally. Three acquisitions confectionary sector in Canada since early 2014 (Canada Strategic players are increasingly and made Yildiz Holding Bread, Saputo Inc and Italian Home widening their product ranges through the third-largest biscuit company in the world. This Bakery) have propelled Grupo Bimbo the acquisitions of companies active acquisition gives Yildiz to the leading baked goods player in in adjacent market segments and Holding a leader presence Canada, given it access to the growing companies operating in a different in the UK, the largest biscuit market in Europe. The packaged cake category and to segment of the bakery market (bread, complementary products a rtisanal European-style products. cakes, pastry). For example, France's and market structure of In 2015 it acquired the cake and Biscuits Bouvard, a pure biscuits Yildiz and United Biscuits are expected to contribute pastry business of Panrico, which has company, acquired Italy-based to Yildiz's success in the the largest market share of Spain's Eurocakes in order to enter the private ternational markets. fragmented sweet bakery market label cakes market, enabling the In the past six years we also (around 16 percent) for $210 million business to exploit significant client added premium chocolate (circa 10x EBITDA). The deal doubles and channel synergies.
brand Godiva and acquired confectionery company DeMets in to our portfolio. Our intention is to further strengthen Yildiz Holding's global position in our main Nurtac Ziyal
Head of Global M&A and Business Development Catalyst Corporate Finance LLP 2016 Private equity targeting well-positioned high quality assets PE is attracted to the ability of innovative brands to gain loyalty and establish significant market share quickly, the high levels of new product development and the opportunities to consolidate a fragmented sector.
PE is targeting private label market leading manufacturer of ready- manufacturers. LDC backed the made pancake products.
management buy-out of Ministry of Qualium Investissement has acquired Cake, the UK's leading manufacturer Poult, France's second-largest biscuit of own-label cakes and gateaux, manufacturer and leading producer " Private equity primarily for the food service market. of private label biscuits, from LBO investment is helping The investment has been used to open France. The investment will be used to to transform the UK an additional manufacturing site and is consolidate Poult's position in France supporting new product development and accelerate its expansion in Europe industry thanks to and acquisitions in related product and emerging markets.
its unrivalled ability areas. Endless has acquired Bright Equistone Partners Europe-backed Blue Foods, a significant player in the growth of businesses Europeenne des Desserts will use its UK private label and ambient cake 2014 acquisition of The Handmade market which manufactures a wide management teams. Cake Company to accelerate its growth range of bakery products to leading in the UK and focus on increasing s upermarkets and food retailers. production capacity for high growth IK Investment Partners' investment buy-out of Ministry markets such as gluten-free. in French company Cérélia, a leading of Cake, we have Similarly, Brussels-based Verlinvest's European manufacturer of ready-to- helped to expand the 2014 investment in Genius Foods will use dough mainly through private company's production allow Genius to accelerate its growth label, will be used to expand the capacity, driven the in the UK, its category innovation in business into adjacent segments and development of new free-from and international expansion. support acquisitions to accelerate products and won a Coffee and bakery shops are European expansion and product major new contract particularly attractive. PE is very diversification. Cérélia has recently with an international active in Spain where the recovery acquired Benelux-based Bioderij, the coffee shop brand. Private equity has the appetite and capital Figure 5: Proportion of deals by strategic and private equity buyers
to back more success stories in the industry and will no doubt play an increasingly prominent role in development of UK food and drink in 2016 Alistair Pendleton
Investment Director, LDC Source: Capital IQ
Catalyst Corporate Finance LLP 2016 in consumer spending and a highly Pacific Capital's acquisition of fragmented market provides high Gold Standard Baking, a leading growth opportunities. Nazca Capital full-service bakery specialising in has acquired the coffee and bakery laminated dough products including chains under the brands Santagloria, croissants, danishes and other sweet El Molí Vell and L'Obrador from baked goods, was an exit for Arbor Europastry, the leading producer Investments, which realized a 9.4x of frozen dough in Spain and H.I.G. gross return on its investment.
Europe has acquired fast-growing Dutch PE firm NPM Capital has premium bakery and coffee shop sold leading European nutrition bar Panaria, which has almost 100 manufacturer VSI to Hearthside stores and is planning an ambitious Group. The deal gives Goldman Sachs expansion plan. Italian PE firm Idea and Vestar Capital Partners-backed Capital Funds has recently invested Hearthside Food Solutions, one of the through its Idea Taste of Italy Fund in largest independent bakeries in the the $28 million turnover Gruppo La US, a significant footprint in Europe Piadineria, the largest piadineria chain in a new category and enables VSI in Italy with 88 retail stores. to expand into the lucrative North A successful exit record
PE has a successful record helping In 2012, Gilde Equity Management to grow bakery businesses and then pre-empted a formal sales process when it backed the management buy-out of Pré Pain, a niche player in Grupo Bimbo's acquisition of Panrico the fresh and frozen crusty bake-off was an exit for Oaktree Capital. bread segment. The business was CapVest-owned Valeo Foods acquired acquired by Aryzta in early 2015.
Italian cake and biscuit producer Balconi for $258 million from Italian private equity firm Clessidra. Valeo will use its platform to support further international growth. Tricor Figure 6: Global M&A by target region
Source: Capital IQ
Catalyst Corporate Finance LLP 2016 We expect that M&A activity will continue at its current level over the medium term given all the factors outlined in this report. In particular, we expect to see: Strong levels of capital and low growth Competition between multinational in mature markets continuing to strategic acquirers for the best support acquisitions by the major food assets lifting valuations as well as the manufacturers of innovative brands in ongoing appetite of private equity in niches which match consumer trends the industry.
for indulgence, convenience and Rising disposable incomes, health and wellness. These trends are increasingly Westernised lifestyles experiencing significant growth.
and time-poor consumers in the Asia Major Asian and emerging markets Pacific region in particular continuing strategic acquirers targeting to support increasing demand for established brands in mature bakery products.
markets, attracted to the consistent performance of these ‘safe' brands.
Catalyst Corporate Finance LLP 2016 Selected transactions Country Description Dec-15 Urban Fresh Foods Manufacturer of fruit snacks and cereals Nov-15 Chapel Foods Ltd Frozen pie manufacturer Frozen cakes for retail trade, restaurants, catering services Sept-15 Bright Blue Foods Manufacturer of cakes and pastries Sept-15 Alpine Valley Bread Manufacturer of organic, whole grain and private label bread Flower Foods Aug-15 Dave's Killer Bread Bakes organic whole grain bread Production and distribution of baked sponge cakes Biscuits Bouvard Produces pastry products and sliced bread products May-15 Balconi Industria Manufacturing and distribution of cakes, rolls and snacks Valeo Foods Group Mar-15 Arden Foods Sourcer and supplier of sweet and savoury biscuits Management vehicle Mar-15 Fletchers Group Manufacturer of cake and bread bakery goods Finsbury Food Group plc El Fornet d'en Rossend Bakery and coffee shop chain Saputo Bakery Group Produces snack-cake and bakery products Canada Bread Company Production and distribution of deep-frozen bakery Produces biscuits, bakery, pastries and grains products Dec-14 The Handmake Cake Makes handmade cakes Equistone Partners Europe UK Nov-14 United Biscuits Manufactures biscuits, savoury snacks, and chilled and Aug-14 Panaria Panaderias Group of bakeries H.I.G. European Capital Denmark Produces and distributes a range of baked goods Switzerland 39.9 Producer of biscuits and cookies Qualium Investissement May-14 Canada Bread Company Manufacturer of flour-based products and fresh pasta May-14 Van's International Foods US Natural, organic, and gluten-free and allergy friendly frozen Hillshire Brands May-14 Ministry of Cake Manufactures own-label cakes and gateaux, primarily for the LDC foodservice market Produces gluten-free bread and rolls, cakes and treats, and Hovis Business and Brand UK Produces the Hovis brand of bread Rudis Organic Bakery Manufactures branded certified organic breads Hain Celestial Group The Fabulous Bakin' Boys UK Producer of cakes, muffins and other baked goods Manufactures frozen and fresh specialty baked goods Switzerland 204.0 Mar-14 BB'S Coffee & Muffins Operates a chain of coffee and muffins retail outlets Brentwood Investments Branded malted loafs, cakes, snack packs Samworth Brothers Nov-13 Burton's Biscuit Company UK Producer and distributor of biscuits Teachers' Private Capital Nov-13 Europeenne des Desserts France Retailer of frozen bakery products Equistone Partners Europe UK Sep-13 Whitworths Supplies dried fruit and nut based products used for healthy Equistone Partners Europe UK snacking and home cooking and baking Source: Capital IQ
Catalyst Corporate Finance LLP 2016 Selected Food & Drink sector deals Sold 70% stake to Catalyst advises business owners and management Our international partnership is present in 50 cities worldwide and provides: Access to overseas buyers Management buy-outs and buy-ins Local insight into M&A culture and likely tactics Company acquisitions Identification of overseas targets and acquisition Raising private equity capital Raising and refinancing debt capital International M&A research 16th Floor, Bank House 77 Queen Victoria Street ng2 Business Park Birmingham B2 5AL Nottingham NG2 1AE T +44 (0) 20 7246 0500
T +44 (0) 121 654 5000
T +44 (0) 115 957 8230
Catalyst Corporate Finance LLP is a limited liability partnership registered in England & Wales (registered number OC306421) Registered Office: Bank House, 8 Cherry Street, Birmingham, B2 5ALCatalyst Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority (number 478406) Catalyst Corporate Finance LLP 2016
International Journal of Food Microbiology 90 (2004) 1 – 8 Inhibition of pathogens on fresh produce by ultraviolet energy Brian R. Yaun*, Susan S. Sumner, Joseph D. Eifert, Joseph E. Marcy Department of Food Science and Technology, Virginia Tech., Blacksburg, VA 24061, USA Received 10 September 2002; received in revised form 20 February 2003; accepted 3 March 2003 Ultraviolet energy at a wavelength of 253.7 nm (UVC) was investigated for its bactericidal effects on the surface of Red