Moving more towards today, how do you think about Ashtead's strategy? As you know, they're involved in robotics and are pretty large in the market, one of the bigger players. Then you have the mechanical solutions. Could you comment on their strategy? We're trying to figure out if there's an advantage to having both mechanical solutions and doing this sort of M&A. What's the benefit of that? Does it provide an advantage or not?

It's challenging to become a much larger business with just one commodity offering. Many rental businesses struggle to diversify because the EBITDA from the rental business is attractive. It generates cash and can be profitable, making it hard to let go of margin expectations. Scaling the business is possible, but only to a certain point. The market lacks differentiation, with similar offerings, client relationships, and technical expertise.

Moving more towards today, how do you think about Ashtead's strategy? As you know, they're involved in robotics and are pretty large in the market, one of the bigger players. Then you have the mechanical solutions. Could you comment on their strategy? We're trying to figure out if there's an advantage to having both mechanical solutions and doing this sort of M&A. What's the benefit of that? Does it provide an advantage or not?

Differentiation often involves looking at adjacent markets. Ashtead Technology has done this successfully by finding quality businesses outside of equipment rental that are complementary. Mechanical aspects like cutting, lifting, or moving are complementary to their existing customers. They create scale beyond just investing in more commodity sensors.