As investors in Berry’s capital structure for the past 15 years, we appreciate management’s efforts to consistently grow margins and cash flow in the course of integrating new businesses, sometimes at the expense of volumes, as the Company eliminates lower margin operations and rationalizes SKUs. We remain confident management will continue its past record of exceeding its cash flow targets, as it has done every year as a public company.Strategies Should Focus on Deleveraging and Achieving an Investment Grade RatingBut given Berry’s rapid growth through acquisition, we believe now is the time to optimize the portfolio of assets by monetizing non core assets for accelerated deleveraging. We also believe the private market for packaging assets has never been stronger, with EBITDA sale multiples well into the double digits as can be seen in the table below.
With the book’s proposed print run of 1 million copies (!), the cultural referendum on marriage we have been participating in for what feels like forever now promises not to end anytime soon. Ambivalence about marriage, you might say, is the new black. (Gilbert was not only ambivalent about marriage, she was also ambivalent about her book about marriage she threw away a 500 page draft before, um, committing to “Committed.”)Gilbert, who fell in love with a man in Indonesia on the “Love” leg of her now famous tripartite journey (she calls him “Felipe” in the book), must be having eaten, prayed, loved and written a memoir about it all the most self fulfilled, gratified, individuated, yoga ed person in America.
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