While recent headlines have focused on The Home Depot and its pending acquisition of Hughes Supply, there's a broader story addressed in the lead article in this issue.

Three years ago, consolidation and M& A activity in most wholesale distribution sectors had slowed to a trickle. Talk was of the quick demise of industrial channels. Many distributors put exit and growth strategies on ice and switched to survival mode. What a difference today.

What has changed fundamentally is the infusion of outside capital into wholesale distribution markets on a larger scale. There's more competition for good companies. Home Depot may be priming the pump, but financial buyers are changing the overall competitive landscape, valuations and certainly seller expectations. No ...