Making the stuff that people want to buy and making the stuff companies need to make more stuff, has been through a wringer of late. The Manufacturing industry has struggled through supply chain woes, a rush to onshore manufacturing, and a labor shortage in 2H22. All of this is driving advancements in connected machinery, the Internet of Things (IoT), and automation. We believe the industry deserves a careful, but detailed, look as we continue to see deals being made, even as interest rates rise. White-collar jobs in the industry are changing (or disappearing), and blue-collar workers – especially highly trained – are hard to find.