The industrial services update for Q1 2024 began with lots of market chatter around incoming rate cuts and significant pent-up demand for M&A. Now, looking back at Q1, rate cuts seem further away, but the level of pent-up demand stayed constant – and transaction volume remained high. 104 transactions closed in Q1, up 30% year-over-year, and essentially flat with Q4 2023. However, there’s no end in sight for consolidation in all segments of this market; facilities services, security and safety, environmental services, and waste management all remain fragmented spaces with with numerous private equity roll-up plays actively in motion.