Q1 2023
Industrial Technology
INDUSTRIAL TECH SUMMARY & OUTLOOK
M&A TRENDS
Ongoing economic uncertainty and market instability continue to affect investor confidence causing M&A activity during the first quarter of 2023 to decline. Industrial tech M&A totaled 94 acquisitions, representing a 33% decrease from the 141 deals in the fourth quarter of 2022.
Despite these challenges, our outlook remains cautiously optimistic for M&A activity as private equity and strategic acquirers alike remain committed to their inorganic growth strategies. Dealmakers view the landscape positively, actively targeting complementary companies and in a less frothy valuation environment.
Favorable targets include those which possess the following qualities:
• Consistently high-performing
• Favorable sector positioning
• Perceivable recession resistance/resilience
Although lacking some of the tailwinds from the past few years, M&A remains an integral part of strategic landscapes. In the lower middle market, add-ons are in favor to support existing investment theses and debt requirements, relative to the middle market, are often less impactful. Still, the quality of companies brought to market is viewed as a challenge to buyers. As such, deal scarcity favors highquality sellers and is cause for acquirers to remain competitive when valuing highly sought after assets.
INDUSTRY COMMENTARY
“Specifically, we will balance efficiency moves with growth opportunities. Think of that as better and bolder. We will stop certain initiatives and accelerate others thereby increasing investment in our business. Relative to 2022, we are increasing our 2023 expense and capital budget by over $900 million. Finally, we will focus on three widely important initiatives - improving the customer value proposition, increasing talent development and employee engagement, and leveraging our physical network with our digital platform to drive logistics-as-a-service.”
– Carol Tome, UPS CEO
"One of the main themes in global business in 2023 will be expectations. For example, the long sought-after supply chain visibility is here in so many ways; and board rooms now expect their business leaders to do something with it”
– Scott Luton, Supply Chain Now CEO
“I can’t ship a thirty-thousand-dollar car, I have to idle a plane to Detroit to the Midwest because of a two-dollar semiconductor component?
Unacceptable… We aggressively need to rebalance the supply chain”
– Pat Gelsinger, Intel CEO
Source: PitchBook
HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 1
M&A ACTIVITY IN THE SUPPLY CHAIN AUTOMATION SPACE
Supply chain operations experienced improvements in Q1 demonstrated in part through port operation stabilization and the regulation of freight container costs. With that said, general disruption and uncertainty are expected to remain ongoing concerns in the coming quarters with inflation, fluctuating consumer demand, increased labor costs, and geopolitical issues continuing to negatively impact the supply chain process. As consumers experience the effects of shortages of essential goods, supply chain leaders are encouraged to turn their focus to improving operations through strategic investments.
Warehouse automation is a focal point of viable warehouse improvements as labor shortages and wage pressures perpetuate the need for an alternative to labor-intensive warehouse tasks. As e-commerce grows, technologies to boost logistical warehouse performance gain the spotlight. Robotics, which can assist in the picking and sorting functionality of warehousing needs, should be the main focus of decision makers as they replace the most people-intensive tasks, therefore producing the greatest return on investment.
Poor inventory management can have adverse effects on manufacturing businesses. The warehouse automation market is thriving as pressure from consumers necessitates advancements. Effective inventory management systems can use stock to determine actual versus predicted demand while reducing human error. From a liability standpoint, automation behaves remarkably well. The risks of error and injury are reduced by automating repetitive, time-consuming tasks.
Value in the supply chain M&A market is driven largely by the opportunities for operational synergies, cash flow improvements, and margin expansion. Overseas partnerships that have historically yielded cheap options have become less reliable. As business leaders look for more permanent solutions to long-term concerns, facilities are moving closer to home to lessen the distance between customers and suppliers, even if it means additional cost. The emphasis on reliability through partnerships invites M&A to serve as a solution to new world challenges.
NOTABLE SUPPLY CHAIN AUTOMATION INVESTMENTS
ACQUIRED
BY ACQUIRED BY ACQUIRED BY INDUSTRIAL INSIGHTS
HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 2 ACQUIRED BY ACQUIRED BY Sources: • Supply & Demand Chain Executive, Automation and Technology Offer Supply Chain Industry Bounce Back • KPMG, The Supply Chain Trends Shaking Up 2023 • PR Newswire, Consumers Should Brace for Continued Supply Chain Disorder in 2023 • Readwrite, Warehouse Automation Helps with Efficient Inventory Management [1] [1] SAIC divested the Logistics and Supply Chain Management portion of its business
KEY ECONOMIC INDICATORS
HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT
INDUSTRIAL PRODUCTION INDEX
UNEMPLOYMENT RATE
CONSUMER PRICE INDEX
FED FUNDS EFFECTIVE RATE
TOTAL CONSTRUCTION SPENDING (NON-RESIDENTIAL)
Source: Board of Governors of the Federal Reserve System
TOTAL CONSTRUCTION SPENDING (RESIDENTIAL)
$300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% (0.8%) (0.4%) 0.0% 0.4% 0.8% 1.2% 1.6% 0.0% 4.0% 8.0% 12.0% 16.0% 75 80 85 90 95 100 105 110 Total Industrial Production Index Manufacturing Production Index
Monthly % Change
Bureau
Labor
U.S. Census Bureau
U.S. Census Bureau Source: U.S. Bureau of Labor Statistics Source: Board of Governors of the Federal Reserve System
Source: U.S.
of
Statistics Source:
Source:
3
Source: PitchBook, Data as of 3/31/23
INDUSTRIAL TECH PUBLIC MARKETS
HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT
COMPARATIVE MEDIAN EBITDA MULTIPLES
ONE-YEAR HISTORICAL INDEX PERFORMANCE
Indices comprised of relevant companies on the following pages and based on equal weighted prices. Indices are tracked relative to the starting price to compare performance.
Source: PitchBook, Data as of 3/31/23
50 75 100 125 150 3/22 4/22 5/22 6/22 7/22 8/22 9/22 10/22 11/22 12/22 1/23 2/23 3/23 S&P 500 Automated Solutions Traditional Industrials Industrial & Related Services 14.4x 17.8x 14.0x 12.6x 17.7x 11.4x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Traditional Industrials Automated Solutions Industrial & Related Services 3/31/2022 3/31/2023
4
INDUSTRIAL TECH PUBLIC TRADING STATISTICS
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook
SOLUTIONS INDUSTRIAL & RELATED SERVICES HARBOR VIEW’S INDUSTRIAL TECH SUB-SECTORS • Robotics • Specialty Equipment & Devices • Sensors & Data Capture • IIoT / Related Technologies AUTOMATED SOLUTIONS TRADITIONAL INDUSTRIAL • Manufacturing • Value-Added Distribution • Coating / Material Processing • Installation & Construction INDUSTRIAL & RELATED SERVICES • D&E / T&M • Logistics Services • Facility & Site Services • Staffing & Workplace Safety HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 5 Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple ABB Group 68.1 29.4 3.8 2.3x 17.7x AMETEK 35.7 6.2 1.8 5.8x 19.5x Badger Meter 3.4 0.6 0.1 6.1x 30.2x Emerson Electric 63.9 18.5 4.6 3.4x 13.9x Omron Corporation 11.1 6.4 0.9 1.7x 11.9x Parker Hannifin 56.4 17.2 3.8 3.3x 15.0x Rockwell Automation 37.9 7.9 1.6 4.8x 23.4x Roper 52.7 5.4 2.2 9.8x 24.3x Zebra Technologies 18.4 5.8 1.1 3.2x 16.1x Median: 3.4x 17.7x Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple AECOM 13.5 13.3 1.0 1.0x 14.2x C.H. Robinson 13.7 24.7 1.4 0.6x 9.8x Cintas 49.9 6.6 2.1 7.6x 24.1x Emcor 7.8 11.1 0.7 0.7x 11.6x Intertek Group 9.4 3.9 0.9 2.4x 10.6x Jacobs Engineering Group 18.6 15.3 1.6 1.2x 11.4x Keysight Technologies 28.6 5.6 1.8 5.1x 15.8x TrueBlue 0.6 2.3 0.1 0.2x 4.9x XPO Logistics 6.5 7.7 0.6 0.8x 10.6x Median: 1.0x 11.4x
AUTOMATED
INDUSTRIAL TECH PUBLIC TRADING STATISTICS
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook
INDUSTRIAL CONGLOMERATES TRADITIONAL INDUSTRIAL Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple Applied Industrial Technologies 6.0 4.2 0.5 1.4x 12.6x Carrier Global Corporation 44.4 20.4 3.2 2.2x 13.9x Caterpillar 148.2 59.4 12.0 2.5x 12.3x Cummins 40.8 28.1 4.2 1.5x 9.7x Deere & Company 172.0 54.3 13.7 3.2x 12.6x Nucor 41.9 41.5 11.6 1.0x 3.6x Trane Technologies 45.8 16.0 2.7 2.9x 17.0x W.W. Grainger 37.3 15.2 2.4 2.4x 15.3x Median 2.3x 12.6x HARBOR VIEW’S INDUSTRIAL
6 Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple 3M 75.4 35.1 9.0 2.1x 8.4x Danaher 205.6 30.8 10.7 6.7x 19.2x Fortive 23.7 5.5 1.4 4.3x 17.0x General Electric 81.8 74.5 7.8 1.1x 10.5x Honeywell 123.6 34.5 8.7 3.6x 14.2x Johnson Controls International 43.0 25.0 3.7 1.7x 11.8x Raytheon Technologies 150.3 65.3 13.8 2.3x 10.9x Median 2.3x 11.8x
TECH Q1 2023 REPORT
INDUSTRIAL TECH M&A SUMMARY
RECENT NOTABLE TRANSACTIONS
Note: Movella, LanzaTech, and Intuitive Machines transactions are reverse mergers
Note: Deal count represents transactions completed in the U.S. & Canada; historical values retrospectively adjusted per source
76 63 79 76 78 72 77 68 78 37 48 100 71 74 92 145 65 55 78 62 39 23 22 30 30 29 27 27 36 25 11 22 36 34 34 37 46 29 22 34 33 26 34 33 31 36 29 42 32 35 29 15 33 45 31 44 48 72 48 31 45 46 29 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 2022 2023 Traditional Industrials Automated Solutions Industrial & Related Services DEAL COUNT
SUB-SECTOR
BY
Source:
HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 7
PitchBook
$75M FEB 2023 $5.2B MAR 2023 $8.1B MAR 2023 $4.6B MAR 2023 $2.0B FEB 2023 $537M FEB 2023 $250M FEB 2023 $2.2B FEB 2023 $700M FEB 2023 $40M JAN 2023
INDUSTRIAL TECH SELECT M&A TRANSACTIONS HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT
AUTOMATED SOLUTIONS
*Indicates transaction is announced / in progress
Source: PitchBook
INDUSTRIAL & RELATED SERVICES
8
Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA 23-Mar K2 Kinetics JLS Automation n/m n/m n/m 23-Mar SceneBox Applied Intuition n/m n/m n/m 23-Mar Smart Vision Works KPM Analytics n/m n/m n/m 23-Mar Ease Luminate Capital Partners n/m n/m n/m 23-Feb E-Volve Systems E Tech Group (Falfurrias) n/m n/m n/m 23-Feb Accelogix Spinnaker SCA (Black Lake Capital) n/m n/m n/m 23-Feb Segue Lorom n/m n/m n/m 23-Feb Magnum Systems 3 Rivers n/m n/m n/m 23-Feb Procon's North American and European Business InvestIndustrial $75.0 n/m n/m 23-Feb Black Sage Highland Partners n/m n/m n/m 23-Feb Movella Pathfinder Acquisition $537.0 n/m n/m 23-Jan Missouri Tooling & Automation Addtronics (Kaho Partners) n/m n/m n/m 23-Jan Megatech MiddleGround n/m n/m n/m 23-Jan FloWorks Wynnchurch Capital n/m n/m n/m 23-Jan DZYNE Technologies Highlander Partners n/m n/m n/m 23-Jan Avanceon VINCI Energies n/m n/m n/m Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA 23-Mar Synecore H.I.G. Capital n/m n/m n/m 23-Mar Lazer Logistics EQT Infrastructure Partners n/m n/m n/m 23-Mar Fire Protection Services SuperHero Fire Protection (Hidden Harbor) n/m n/m n/m 23-Mar Blasting Solutions Groome (Argosy Private Equity) n/m n/m n/m 23-Mar Riverside Services Trinity Hunt Partners n/m n/m n/m 23-Mar Western Machine Works In-Place Machining (LLCP) n/m n/m n/m 23-Feb Current Trucking Ares Management $250.0 n/m n/m 23-Feb McKee Utility Contractors Boyne Capital n/m n/m n/m 23-Feb Donalco Incflector Environmental Services (Fengate) n/m n/m n/m 23-Feb Northpoint Roofing Systems Halmos Capital n/m n/m n/m 23-Feb LanzaTech AMCI Acquisition $2,200.0 n/m n/m 23-Jan Sunoco Sustainability Solutions NorthStar Recycling (Ridgemont Equity Partners) n/m n/m n/m 23-Jan Infinity Roofing & Siding Stronghouse Solutions (O2 Investment Partners) n/m n/m n/m 23-Jan Romney and Phenom PestCo (Thompson Street Capital Partners) n/m n/m n/m 23-Jan CWE Valicor (PPC) n/m n/m n/m 23-Jan Morris & Associates Stratus (Godspeed) n/m n/m n/m 23-Jan EnviroServe One Rock Capital Partners n/m n/m n/m
TRADITIONAL INDUSTRIAL SELECT M&A TRANSACTIONS HARBOR VIEW’S INDUSTRIAL TECH Q1 2023
TRADITIONAL INDUSTRIAL
*Indicates transaction is announced / in progress
Source: PitchBook
9
REPORT
Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA 23-Mar Republic Electric Co. Graycliff Partners n/m n/m n/m 23-Mar Atlas Air Worldwide Holdings J.F. Lehman & Company $5,200.0 1.1x 6.0x 23-Mar Vac2Go Argosy Private Equity n/m n/m n/m 23-Mar Bron Tape Rotunda Capital Partners n/m n/m n/m 23-Mar C&M Auto Parts Transtar (Blue Point Capital Partners) n/m n/m n/m 23-Mar Phoenix Proto RE3DTECH (Core Industrial Partners) n/m n/m n/m 23-Mar Marchel Industries Plastifab (Regimen Equity) n/m n/m n/m 23-Mar Aviation Ground Equipment Corp Nexus Capital Management n/m n/m n/m 23-Mar Univar Solutions Apollo Global Management $8,100.0 n/m n/m 23-Mar Diversey Solenis (Platinum Equity) $4,600.0 n/m n/m 23-Feb JM Test Systems Kanbrick n/m n/m n/m 23-Feb BBC Industries ASPEQ (Industrial Growth Partners) n/m n/m n/m 23-Feb Jet Gasket & Seal Marco (Align Capital Partners) n/m n/m n/m 23-Feb D&R Machine Company Cadrex (CORE Industrial Partners) n/m n/m n/m 23-Feb Paterson Pacific Parchment Hoffmaster Group (Wellspring Capital Management) n/m n/m n/m 23-Feb Oatly Group Ya YA Foods (Audax Group) n/m n/m n/m 23-Feb Flowtrend Flow Control Holdings n/m n/m n/m 23-Feb Imperative Chemical Partners RSI Chemcials n/m n/m n/m 23-Feb GEM Manufacturing CORE Industrial Partners n/m n/m n/m 23-Feb Great River Hydro Hydro-Québec $2,000.0 n/m n/m 23-Feb Wet Noses Beach Point Capital Management n/m n/m n/m 23-Feb Reitech Vivify (Gryphon Investors) n/m n/m n/m 23-Feb Intuitive Machines Inflection Point Acquisition $700.0 n/m n/m 23-Feb Segue Manufacturing Services Lorom Holding Co. (Cornell Capital) n/m n/m n/m 23-Jan Dals Lighting BDG & Partners $40.0 n/m n/m 23-Jan NeoGraf Edgewater Capital Partners n/m n/m n/m 23-Jan GPT Industries Branford Castle Partners n/m n/m n/m 23-Jan Industrial Drying Solutions REIC (Kinderhook Industries) n/m n/m n/m 23-Jan Innovative Hearth Products TRM Equity n/m n/m n/m 23-Jan Chem One Shrieve Chemical (Gemspring) n/m n/m n/m 23-Jan APQS LFM Capital n/m n/m n/m 23-Jan MTO Hose Solutions Unigasket Group (Pallasio Holding) n/m n/m n/m 23-Jan Synergi Eureka Equity n/m n/m n/m 23-Jan Worldwide Produce Ridgemont Equity Partners n/m n/m n/m 23-Jan QED Technologies Quad-C Management n/m n/m n/m 23-Jan Advanced Tooling Design StenTech (Align Capital Partners) n/m n/m n/m
INDUSTRIAL TECH FINANCING TRANSACTIONS
RECENT NOTABLE FINANCINGS
Note: Historical values retrospectively adjusted per source Source:
$3.5B $3.1B $1.8B $1.7B $3.3B $3.4B $2.3B $4.7B $3.2B $1.7B $9.3B $5.9B $6.6B $7.6B $8.0B $9.7B $6.0B $8.3B $6.9B $7.3B $3.6B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 2022 2023
VENTURE CAPITAL ACTIVITY Rivian raised $2.5B HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 10
PitchBook $10M MAR 2023 $30M MAR 2023 $25M FEB 2023 Undisclosed Investors $5M JAN 2023 $60M JAN 2023 $53M MAR 2023 $85M MAR 2023 $65M FEB 2023 $120M JAN 2023 $107M JAN 2023
INDUSTRIAL TECH VENTURE CAPITAL ACTIVITY
EARLY-STAGE VENTURE CAPITAL
*Indicates transaction is announced / in progress
LATE-STAGE VENTURE CAPITAL
HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 11 Deal Date Company Name Broad Category Deal Size ($M) Pre-Money Valuation ($M) Lead/ Sole Investors 23-Mar Regent Traditional Industrial $10.0 n/m Forward Leap Capital 23-Mar Firestorm (Aerospace and Defense) Traditional Industrial $2.1 n/m Decisive Point 23-Mar Varda Space Industries Traditional Industrial $30.0 n/m 9Yards Capital 23-Feb Okèanos Traditional Industrial $2.5 n/m PepsiCo Greenhouse Collaborative Accelerator 23-Feb RYSE Aero Technologies Traditional Industrial $25.0 n/m Undisclosed Investors 23-Feb KoreLock Automated Solutions $3.0 n/m Iron Gate Capital 23-Feb Renovate Automated Solutions $2.5 n/m Alley Robotics Ventures 23-Feb TalkingHeads Wireless Traditional Industrial $0.3 n/m MassVentures 23-Jan Skillit Industrial and Related Services $5.1 n/m 1Sharpe Ventures 23-Jan Osmo (Commercial Services) Traditional Industrial $60.0 n/m Amazon Alexa Fund 23-Jan Watchtower Firearms Traditional Industrial $0.5 n/m Undisclosed Investors 23-Jan PVpallet Automated Solutions $0.7 n/m ISA Ventures 23-Jan Industrial Intelligence Automated Solutions $0.3 n/m Virginia Venture Partners Deal Date Company Name Broad Category Deal Size ($M) Pre-Money Valuation ($M) Lead/ Sole Investors 23-Mar Ranovus Automated Solutions $36.0 n/m AMD Ventures 23-Mar Fabric8Labs Traditional Industrials $52.8 n/m Asimov Ventures 23-Mar ClearFlame Traditional Industrials $30.0 n/m Ag Ventures Alliance 23-Mar Coherent Logix Automated Solutions $85.0 n/m Atlas Credit Partners 23-Mar SigmaSense Traditional Industrials $37.9 n/m Corning 23-Feb Mythic Traditional Industrials $20.5 n/m Alumni Ventures 23-Feb VUV Analytics Traditional Industrials $20.0 n/m New Science Ventures 23-Feb NanoGraf Technologies Traditional Industrials $65.0 n/m Arosa Capital Management 23-Feb Freeform Automated Solutions $41.3 n/m 8VC 23-Jan Boston Metal Automated Solutions $120.0 n/m ArcelorMittal 23-Jan Forge Nano Traditional Industrials $15.0 n/m AddVentures by SCG 23-Jan Zero Motorcycles Traditional Industrials $106.7 n/m Polaris (US) 23-Jan Lumotive Automated Solutions $13.0 n/m Cascade Investment
Source: PitchBook
INDUSTRIAL TECH EXPERTISE
BROAD & DEEP INDUSTRIAL TECH INDUSTRY EXPERTISE
Note: Unless displayed with the Harbor View logo, the transactions documented were executed in previous roles
CONNECT WITH HARBOR VIEW ADVISORS
Nate Shepherd
MANAGING DIRECTOR
Building on his more than 25 years of Investment Banking and Private Equity experience, Nate leads Harbor View’s Industrial Tech practice. In his role, Nate advises clients in the Automated Solutions, Industrial & Related Services, and Traditional Industrial sectors helping business owners navigate the company sale, acquisition, and capital raise process.
Acquired by Wireless Tower Owner & Operator STRATEGIC BUYER Investment from Auto Dealer Distributor FINANCIAL SPONSOR Acquired by Metal Fabricator FINANCIAL BUYER Solar Lighting Designer & Integrator STRATEGIC BUYER Acquired by Industrial Recycling Provider VALUATION ANALYSIS Aerospace Component Testing Provider STRATEGIC BUYER Acquired by Light Industrial Staffing Provider FINANCIAL BUYER Acquired by Fluid Dynamics Designer & Engineer FINANCIAL BUYER Acquired by Property Management Provider STRATEGIC ADVISORY SERVICES IIOT & RELATED TECHNOLOGIES SENSORS & DATA CAPTURE ROBOTICS FACILITY & SITE SERVICES STAFFING & WORKPLACE SAFETY MANUFACTURING VALUE-ADDED DISTRIBUTION COATING / MATERIALS PROCESSING INSTALLATION & CONSTRUCTION SPECIALTY EQUIPMENT & DEVICES D&E / T&M LOGISTICS SERVICES HARBOR VIEW’S INDUSTRIAL TECH Q1 2023 REPORT 12 Call Nate: 978 835 0258 Email Nate: nshepherd@hvadvisors.com Visit us: harborviewadvisors.com Data Capture & Analysis Provider STRATEGIC BUYER Acquired by
Suzi
Acquired by Metal Processor FINANCIAL BUYER Telecommunications Infrastructure Provider FINANCIAL BUYER Acquired by
Airheart Associate Shaan Patel Analyst
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