Brian DiRubbio: Okay. Fair enough. Just switching gears on Specialty Products business, you know, as you noted very strong results there last year. Is this a business that you think can sustain the mid-30s EBITDA margin that is generating right now? Or were there any factors last year that may not repeat going forward? Just to look to get a better sense of the sustainability out of the business given its step function change your profitability?
Edward Goldberg: Yes. You know, I gave, right? I think we’ve talked about this a little bit before. We did a lot of work in the specialty products business over the last 18-months really working on the 3Ps driving a higher price for value, working on productivity improvements, and looking for opportunities for new business. And we were largely successful in 2022, improving that business across multiple fronts. And we’re — although it’s still — I mean, we’re a year into it. Still a little bit early, but we’re pretty confident that what we’ve been able to achieve in that business can be sustainable into the future. I don’t expect to see the same, kind of, step change growth in €˜23 that we saw in ’22. But I do expect to see the gains that we made in €˜22 carry on through €˜23.
Brian DiRubbio: Fair enough. That’s helpful there. And then just two quick ones. How would you describe the current M&A environment today? In terms of targets, in terms of what expectations are for valuations, (ph) thoughts on that?
Haitham Khouri: Hey Brian, it’s Haitham. I would describe the M&A market activity more broadly as I’m surprisingly very, very quiet. There has been minimal, I would say, price discovery largely, because not much has transacted. If you ask sellers multiples are unchanged from 12-months ago, because nothing’s traded and that is the contrary. If you ask buyers, they point to public markets and other things and argue that multiples are down. So there will be an inevitable (ph) at some point and multiples will settle where they will and activity will pick up. But we’re just not at the thawing stage. We’re at the — we’re sort of, remain in this standoff stage, which is very, very difficult for this point in the M&A market cycle.
I would say at perimeter, we’re very busy. There’s a lot we can do in a market low like this, largely around planting seeds for future capital allocation harvesting and we’re extremely busy doing it. I’m extremely pleased with our internal progress and we hope to have more tangible progress eventually on M&A front, I feel good about it.
Brian DiRubbio: Okay. Thank you. And then just final question for me. Again, going back when you came to market for the bond issue, you mentioned in the OM you had about 50 full-service fire basis in the North American market. Is that number of state constant since then?
Edward Goldberg: Yes. I don’t know that 50 is the right number. I think it’s closer to 40. But the basis, each year, some basis become full service or the odd base comes off of full service, but generally that number is relatively stable year-over-year.
Brian DiRubbio: Perfect. Appreciate all the color. Thank you so much.
Edward Goldberg: Thanks, Brian.
Operator: There are no further questions at this time. I would like to turn the floor back over to Edward Goldberg for closing comments. Please go ahead.
Edward Goldberg: Yes. Thank you all very much for joining us on this call. We’re looking forward to the start of the fire season and talking to you again to report our next quarter results. So have a great day.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.
