In Q4, the market remained healthy and active with 104 industrial services transactions, up 14% to the previous quarter. Although there were less platform creations than last quarter, 10 new platforms in the quarter still indicates that private equity believes in the industry thesis and is willing to put its money to work in the sector. There was an uptick in fire and life safety M&A as well, as large platforms in the space continue to move down market into the sub-$20M revenue space to add-on smaller providers of inspection and service work. 2024 was a whole is a high-water mark for M&A count, with over 400 industrial services transactions closing.