GROWING BUSINESS IN A CONSOLIDATED INDUSTRY
I'm looking at an opportunity with a business that has great fundamentals but operates in a small (but large enough) niche within a highly consolidated industry. It appears so far that the larger players don't service the niche this company competes in and would likely have trouble doing so. The industry is mature and the business has grown roughly 5% each year for the last 3 years and has been in business for 30 years.
Would you avoid this industry despite the business being solid? If you have operated in an industry with similar dynamics, what was your experience like?