It is a very fragmented industry with the top 10 controlling 56.1% of the market in 2008 and down to 55% in 2009.

"We think there are additional opportunities," he added, "because it's a fragmented industry."

Q. Home-building is a fragmented industry with a lot of small players.

The beauty of the food companies used to be that they sold to a highly fragmented industry.

What was previously a highly fragmented industry has to a large extent become consolidated in the hands of a few major players.

The latest deal is one of many that are consolidating a fragmented industry.

The strategy then, as it continues to be, was to consolidate a fragmented industry.

"Our varying backgrounds give us a unique window on a huge, fragmented industry."

Despite all the mergers, paper remains a highly fragmented industry.

Pearle now has a 5 percent market share, which makes it the largest player in a fragmented industry.