M&A volume in the Industrial Services Update trended down month over month in Q2, but increased compared to Q2 2022, while transaction volume of 70 transactions in the quarter fell to its lowest count since Q2 2022. There has been a marked slowdown in platform acquisitions, with only four new platforms being acquired this quarter, a consequence of higher interest rates putting pressure on private equity firm acquisition costs, as well as a slower market as sellers selectively “wait and see” what the market will do before bringing the business to market. Add-on activity remained high with 53 add-ons in the quarter. We, our clients, and investors are all keeping our eyes on the fed, interest rates, and consumer health as we move into the second half of the year.