The industrial services update for Q3 2023 shows that while the broader M&A market has slowed down, industrial services businesses continue to trade at healthy valuation levels. M&A volume in the third quarter demonstrated resilience in the face of rising interest rates and a tough macroeconomic backdrop, with total transaction count increasing 37.1% compared to Q2 2023 and 9.1% compared to Q3 2022. The majority of transactions this quarter were private equity platform add-ons, which we have seen being increasingly funded with combinations of cash-on-hand, revolving lines of credit from the platform, rollover equity, and to a much lesser extent increases in financing facilities.