In Q4 2023, industrial services transaction count increased 10% quarter-over-quarter, adding to a quarter-over-quarter increase of 37% in Q3 2023. Comparing CY 2023 to CY 2022, transaction count increased 17% in 2023. This trend is in stark contrast to the broader M&A market, which has been trending down and to the right over the last two years, with 2,308 completed transactions in Q1 2022 and decreasing steadily to 1,407 transactions in Q4 2023.Of note, much of the higher transaction count is due to the fragmented nature of the industry and the early-to mid-innings stage that it’s currently in –roll-up strategies being performed by private equity firms are driving add-ons to account for 63% of all transactions over the last two years. With significant capital to put to work, and demographic trends driving exits of founder-owned businesses, this trend will likely continue for at least the next few years. Add-ons are being executed across segments; however, specifically active subsegments include fire and life safety, tree and vegetation management services, waste management, and commercial landscaping services.