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29 Mar 23

Updated: 29 Mar 23

FEMSA's Envoy:  
'For Sale' options?

VC/MBO Spinoff? IPO? Sale
e.g. BradyIFS? Stick v twist?

FEMSA the $27Bn Mexican based convenience store & fuel station chain (Oxxo) shocked business supply markets in mid Feb, stating it was "exploring strategic alternatives" over its $2Bn+ Envoy rollup of US hygiene and packaging resellers. We update on the strategic options available (Report 22Feb'23). We fear this will not play out well and see major difficulties ahead... 

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29 Mar 23

Updated: 29 Mar 23

Higher Hygiene,
Heightens Health 

Call for 'Clean' campaign
to drive wellness: eyecare
air quality & ergonomics

National Cleaning Week (Mar26-Apr1'23) largely focuses on surfaces. Covid heightened awareness of a cleaner environment... everyday, not just surfaces. Perhaps now's the time to broaden the scope of 'cleaning' to higher hygiene? Hygiene embraces worker wellness inc. better air quality; elevating ergonomics: better lighting; reducing eye strain and wrist RSI etc. Improving health, improves productivity! Later today

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29 Mar 23

Updated: 29 Mar 23

Cintas' resilient
revenue recovery

Uniform, Health & Safety
Services growth returns

Cintas, the $9Bn uniform services specialist, continued its powerful sales recovery in Q3'23. CEO Todd Schneider plans to accelerate its 'Ready for the Workday' strategic services direction "enabling customers more time to focus on their business, that boosts mutual profitability". 

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29 Mar 23

Updated: 29 Mar 23

Nectere's Never
Neverland nailed

Struggling dealer group's 
forced wholesaler switch?

Nectere, the UK&I small dealer group, has always promoted ambitious but hollow expansion plans, now looks in dire trouble. After failing to find buyers, we understand an MBO is improbable with owner- chairman Paul Musgrove resigning, as it heads towards the graveyard. In a last desperate move it has been forced to switch wholesaler from VOW to SPOT, splitting its membership...

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28 Mar 23

Updated: 28 Mar 23

PepsiCo promotes
CO2 cutting goal

Plans to pivot from petro
PET to recycled packaging

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28 Mar 23

Updated: 28 Mar 23

KIND snack packs
up plastic wraps

Mars advances from petro
to recycled PP film package

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28 Mar 23

Updated: 29 Mar 23

Amazon aces high!
FedEx fail. UPS flat

Transport tracker shows
AMZN tops giants' volume

New US parcel delivery data from Pitney Bowes outlines top carriers’ volume performance in 2022; and what lies ahead for the sector. The meteoric rise of Amazon Logistics since it fired FedEx in 2019 has driven the latter off the road and benefited the more flexible USPS and UPS in market share and profitability. Amazingly Amazon will be the leading US transporter in 2023. 

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28 Mar 23

Updated: 28 Mar 23

TDSynnex stalled.

Losing mkt share?

#1 $62Bn tech wholesaler
integration slows progress

TD Synnex, the #1Global IT wholesaler, recovered from serious Asian supply problems, but is now suffering slower demand. CEO Rich Hume commented opaquely about declining volume growth in its Q4'23 financial review. We comment on the analysts' more comprehensive Q&A. Updated 

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28 Mar 23

Updated: 28 Mar 23

Softcat: soft sales,
greater GP revs

CEO Watt: Won mkt share.
Gearing for future growth

UK #1 tech products and services reseller Softcat reported double digit GP growth in its H1'23 results to 31 Jan'23. CEO Graeme Watt was optimistic about future growth given new major contract wins and claimed market share growth in uncertain market conditions. Full analysis here...

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27 Mar 23

Updated: 27 Mar 23

Is Shopify really
catching Amazon?

Rising rivals like Walmart
only a fraction of Godzilla

Many Seeking Alpha analysts have highlighted the rapid growth of Shopify, the MCommerce platform provider. even suggesting it is catching Amazon. Reality check! Yes its grew its Gross Merchandise Value (GMV) 3X since 2019 compared with Amazon's 2X, but it's still a fraction of Godzilla's $1Tn volume. We analyse the analysts' numbers...

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