The market for industrial services businesses remains robust for sellers, with significant continued interest from buyers. Total M&A count in the industrial services market increased 6% year-over-year from Q4 2022 to 73 transactions. Facility and field services deal count continues to drive the market, while all other segments lagged. Of note, Q4 2022 was the second consecutive quarter with double-digit private equity platform acquisitions, which typically leads to increased add-on activity.