Annual Report  2013  Management Discussion & Analysis  27  Our ability to sustain continued growth depends on our ability to identify, evaluate and contribute financing to suitable private  businesses that meet our criteria. Accomplishing such a result on a cost-effective basis is largely a function of Alaris' sourcing  capabilities, our management of the investment process, our ability to provide capital on terms that are attractive to private businesses  and our access to financing on acceptable terms. As Alaris grows, we will also be required to hire, train, supervise and manage new  In addition, economic conditions in North America and globally may be affected by political events throughout the world that cause  disruptions in the financial markets, either directly or indirectly. In particular, conflicts, or conversely peaceful developments, arising in  the Middle-East and other areas of the world that have a significant impact on the price of important commodities can have a significant  impact on financial markets and global economy. Any such negative impacts could have a material adverse effect on our Company  and our Private Company Partners’ business, financial condition, results of operations and cash flows. Our business and the business of each of the Private Company Partners are subject to changes in national or North American  economic conditions, including but not limited to, recessionary or inflationary trends, capital market volatility, consumer credit  availability, interest rates, consumers' disposable income and spending levels, job security and unemployment, and overall consumer  confidence. Market events and conditions since 2008, including disruptions in the international credit markets and other financial  systems and the American and European Sovereign debt level resulted in a deterioration of global economic conditions. These  conditions caused a decrease in confidence in the broader U.S. and global credit and financial markets and created a climate of greater  volatility, less liquidity, widening of credit spreads, a lack of price transparency, increased credit losses and tighter credit conditions.  Notwithstanding various actions by governments since 2008, some concerns remain about the general condition of the capital markets,  financial instruments, banks, investment banks, insurers and other financial institutions. Volatility has decreased recently however, it  could return due to similar global macro events, which could affect our ability to obtain equity or debt financing on acceptable terms.  These factors negatively impacted company valuations and impacted the performance of the global economy. A return of these  negative economic events could have a material adverse effect on our and our Private Company Partners’ business, financial condition,  results of operations and cash flows.  Although Alaris currently has 12 (excluding SHS) Private Company Partners, Alaris continues to have limited diversification in its  Private Company Partners, although transactions over the last 24 months have greatly improved the diversification of Alaris revenue  streams. Alaris does not have stringent fixed guidelines for diversification with respect to our Private Company Partners. At any given  point in time, we may have a significant portion of our assets dedicated to a single business or industry. In the event that any such  business or industry is unsuccessful or experiences a downturn, this could have a material adverse effect on our business, results  from operations and financial condition.  We have limited diversification in our Private Company Partners  We may be adversely affected by general economic and political conditions A key element of our growth plan is adding new Private Company Partners and making additional investments in existing Private  Company Partners in the future. Our ability to identify and complete new investment opportunities is not guaranteed. Achieving the  benefits of future investments will depend in part on successfully identifying and capturing such opportunities in a timely and efficient  manner and in structuring such arrangements to ensure a stable and growing stream of distributions.  We are subject to risks affecting any new Private Company Partners We may not complete or realize the anticipated benefits of our Private Company Partner arrangements  Numerous factors may affect the quantum of a Private Company Partner's distribution obligations to Alaris, or the ability of a Private  Company Partner to service such distribution obligations, including the failure to meet its business plan, regulatory or other changes  affecting its industry, integration issues with respect to acquisitions or new business lines, a downturn in its industry or negative  economic conditions. Deterioration in a Private Company Partner's financial condition and prospects may be accompanied by a  material reduction in the distributions or payments received by Alaris. See "Risk Factors Relating to our Private Company Partners".  If Alaris is successful in partnering with one or more new Private Company Partners, the businesses of these Private Company Partners  may be subject to one or more of the risks referred to under "Risk Factors Relating to our Private Company Partners" or similar risks  and may be subject to other risks particular to such business or businesses.  Our ability to manage future growth and carry out our business plans may have an adverse effect on our business and our  reputation 