Our Industrial Products and Services research team focuses
primarily on two industry sub-segments: 1) industrial distribution
firms and 2) engineering and construction (E&C)/ industrial
service firms. The industrial distribution industry is large and
highly fragmented, with more than 100,000 participants in
North America. We look for distribution companies that have
leading market positions in their product verticals, a meaningful
amount of operating leverage and/or differentiated service
platforms. Within the E&C and industrial service industry,
we focus on small- to mid-cap companies with an emphasis on those
that serve energy end markets (oil & gas and power
generation).