They are cash generative

They produce stable and predictable cashflows (generally +/- 3% growth ) that help the securing of bank financing

There are buy-and-build opportunities as a result of the number of deals

There is the perception that when assets are sold by large multinational groups they have been mismanaged and have suffered from under-investment, so represent rich pickings

The defensive qualities of the food sector

The emergence of pockets of growth, including healthy foods, organic, indulgence ranges, and the fusion of pharmaceutical and food products

Deals Completed in 2006

* now known as MW Brands ** now known as R&R Ice Cream ***Retailer brand cheese operations