Most of the readers of this industrial services update haven’t heard of a major bankruptcy in the industrial services market this quarter. This leads us to reflect on why, when M&A is slowing in other markets, buyers continue to pursue acquisitions in the industrial services space. Here’s just a few reasons, all of which are independent from macroeconomic trends: often regulatory-driven, mission-critical, and time-sensitive services in nature; contractual, reoccurring revenue profile; ability to scale within a customer’s site base and cross-sell services; and a fragmented market landscape; among many others. This helps explain industrial services LTM transaction count increasing 11% over the previous twelve months while the broader market has seen a slow-down in M&A activity. Quarter over quarter, environmental services transaction count increased significantly due to add-on activity from a handful of private-equity backed platforms as well as strategic players. In this industrial services update, we also noticed a quieter quarter in security and safety transactions as labor continues to be top-of-mind for management teams.In the equity markets, continued interest rate concerns and macroeconomic factors weighed on price performance, even as earnings in the industrial services space showed signs of resilience. Environmental services enjoyed the best quarter of the indexes, netting a 13% gain, driven primarily by Clean Harbors (up 26%) and Crystal Clean (up 20%). If this share price trend continues, providing publicly-traded companies with stronger shares to use in M&A, it may spark a renewal of strategic M&A that we hasn’t seen since late 2021.