Note I have probably overestimated just how much TPG will make...

Note I have probably overestimated just how much TPG will make from the Inghams deal as the investment banks that provided funding to the tune of 700M will want their cut. Still no matter how you look at it, this has been a feeding frenzy for private equity and investment banks.

On Reece………. I am not for a moment suggesting Reece will be taken over by private equity. However, I think Reece has many of the attributes that private equity likes: plenty of valuable property that can be sold, a small debt loading that can be loaded up to the maximum possible and conservative accounting which can be made less conservative. Luckily from the share registry it appears as if Reece seems to have some succession planning in place? I would love to own Reece at a slightly lower price!

Anyway would be great to see what you guys think with your greater experience and better understanding of Reece.