It was a big year for M&A. Really big. But what was unique about this year was the explosion of mid-sized deals, a sign that the next big wave of consolidation is underway in the sector.

Sure, we had some big ones: Clearwater, Cargill, Regal Springs. But it was the smaller deals, perhaps, that were most interesting. While mega-mergers such as Thai Union and Bumble Bee flopped, some perfectly logical, perfectly profitable deals -- while less ambitious -- were closed, and the companies happily brought operations together and kept on sprinting.

Every