This report does not constitute a rating action. Overview Key strengths Key risks Consistent low- to mid-single digit percent revenue growth. Softening consumer demand due to rising GLP-1 usage and higher inflation. Generates approximately 60% of revenue from pass-through pricing customer contracts, which mitigates commodity exposure. Exposed to input cost inflation, including from commodities (mainly wheat), fuel, and labor. Long-standing relationships with large solid customers. Aggressive financial policy including consistent debt-financed acquisitions and dividends. Track record of making EBITDA-accretive acquisitions and subsequently deleveraging. Dependence on the performance of key customers, given significant concentration. S&P Global Ratings-adjusted leverage will remain in the low- to mid-5x range , despite the weakening macroeconomic environment and the company's recent acquisition of House-Autry. This follows
