Darren Kozik: Thank you, operator. Good morning, and thank you for joining us for Enerpac Tool Group's earnings call for the third quarter of fiscal 2026. Joining me on the call today is our President and Chief Executive Officer, Paul Sternlieb. Also joining us is our new Senior Director of Investor Relations, Christian Audi. Christian brings more than 25 years of capital markets experience to Enerpac. Most recently, he served as Head of Investor Relations at ADNOC Gas, one of the world's largest energy companies. Earlier in his career, he was a top-ranked institutional investor analyst at Morgan Stanley and Santander. I know you will all enjoy working with him as your primary contact. Christian?

Christian Audi: Thanks, Darren. It's great to be here. I look forward to working with all of you. On today's call, we will reference non-GAAP measures. You can find a reconciliation of GAAP to non-GAAP measures in the press release issued yesterday. Our comments will also include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include matters noted in our latest SEC filings. The slides referenced on today's call are available on the Investor Relations section of the company's website, which you can download and follow along with us. A recording of today's call will also be made available on our website. Now I'll turn it over to our CEO, Paul.

Paul Sternlieb: Thanks, Christian, and welcome to the team. There was a lot to be pleased about in the third quarter of fiscal 2026. Last quarter, we said we expected to capture mid-single-digit growth in our product business and generate improving trends in our service operations. I'm very pleased to say that we delivered on that plan, albeit with a greater-than-anticipated headwind from the protracted conflict in the Middle East, but more on that in a few minutes. Clearly, the major news, which we announced yesterday afternoon, is that we have signed a definitive agreement to acquire Specialized Fabrication Equipment Group, or SFE Group, which we expect to close in the first quarter of fiscal 2027, subject to regulatory approvals and customary closing conditions. If I can step back a moment, over the past several years, we have communicated that M&A is a key aspect of Enerpac's overall growth strategy. We have also emphasized the disciplined nature of our process, ensuring that any transactions meet our strategic and financial objectives and create shareholder value. At the same time, we have been clear about our pursuit of high-quality assets that boast premium brands and strong margins similar to Enerpac. With SFE Group, we believe we have found a company that meets or exceeds all of these criteria. As shown on Slide 5, SFE Group is a leading global provider of specialized fabrication and industrial tool solutions for critical industries. Like Enerpac that dates its brands back to 1959, SFE Group is comprised of complementary market-leading brands, the oldest dating back to 1936. Today, SFE Group offers products across 3 categories: pipe beveling and on-site machining, orbital welding and cutting, and tools and lifting equipment. Importantly, as shown on Slides 6 and 7, the acquisition of SFE Group will expand and strengthen our position in attractive high-growth verticals, including defense, power generation and semiconductors and data centers. With SFE Group's reputation for quality, durability, reliability and innovation, we believe the acquisition will enhance our portfolio and create additional opportunities to leverage our global scale, distribution network and technical and applications expertise. And with the addition of SFE Group, we will also expand Enerpac's addressable market by approximately $1 billion, raising our total SAM from roughly $4.5 billion to $5.5 billion. The addition of SFE Group will also bring a seasoned and talented management team. In addition to their manufacturing, operations and commercial expertise, they have a demonstrated record of successful acquisitions and integrations, a skill that will aid Enerpac in the future as we continue on our growth trajectory. At the same time, we believe Enerpac can add value to their growth and capture revenue synergies. Presently, approximately 70% of SFE Group sales are in the U.S. As such, we see an opportunity to leverage our international distribution and accelerate international expansion. And that is just the beginning as we can utilize Enerpac's U.S. national account relationships to further drive penetration. These are just 2 examples of the accelerated growth we believe that we can achieve together. Additionally, we expect to achieve key cost synergies over time, which Darren will elaborate on a bit further. Let me turn the call over to Darren to discuss some additional financial aspects of the acquisition.

Darren Kozik: Thanks, Paul. As shown on Slide 8, SFE Group generated trailing 12-month sales through March 31, 2026 of approximately $170 million and adjusted EBITDA of approximately $44 million. With a purchase price of approximately $472 million, that translates to a multiple of 10.6x trailing adjusted EBITDA. We intend to fund the acquisition through a combination of borrowings under our revolving credit facility and the activation of approximately $225 million under the accordion feature of our senior credit agreement. We have maintained a conservative balance sheet, and this transaction reflects the disciplined deployment of that financial flexibility. Upon closing the acquisition, Enerpac's net debt leverage will be approximately 2.8x adjusted EBITDA. Based on our expected cash flow generation of the combined Enerpac and SFE Group businesses, we anticipate reducing leverage to approximately 2.2x within 12 months after closing, with most of the reduction in the back half of fiscal 2027. That will put us well within our target range of 1.5x to 2.5x leverage. We expect the acquisition to be accretive to adjusted EPS in fiscal 2027. We have modeled the near term assuming minimal cost synergies as we view SFE Group as a strong stand-alone business. As such, our return expectations are based on the quality of the business, its growth potential and future revenue synergies rather than near-term cost reduction opportunities. That said, we do see upside to our already strong return expectations as we capture cost synergies over time from our combined scale and the structures we have established at Enerpac through the execution of our ASCEND transformation program and our Powering Enerpac Performance, or PEP, continuous improvement program. More specifically, we believe there are opportunities to leverage portions of our existing human resources, IT and finance infrastructure. At the same time, we expect to make targeted investments in systems, controls and reporting capabilities as we transition SFE into the Enerpac operating model and public company environment. Altogether, by year 3, we anticipate adjusted EBITDA synergies of $4 million to $6 million based on our expected revenue and cost synergies. Overall, we believe the acquisition represents an attractive use of capital, enabling us to add meaningful scale with the addition of a high-quality business with strong margins, compelling growth characteristics and opportunities to create additional value over time. We currently anticipate closing the acquisition during the first quarter of fiscal 2027, subject to regulatory approvals and customary closing conditions. Now let me switch gears and make a few brief comments about our third quarter, starting with Slide 10. For the third quarter, IT&S product sales increased 5% organically. Strong product sales were partially offset by a decline of 8% in the IT&S services business. But as you may recall, last quarter, we announced actions to address a market slowdown in the service business in the EMEA region. We also announced a new 5-year service contract that we signed with a major U.K. North Sea oil and gas company. Aided by the initial benefits of both, our service business improved sequentially with a 17% gain in revenue and better profitability quarter-over-quarter, reflecting progress as we pursue our strategic transition toward higher-margin service business and profitable growth objectives. At Cortland, shown in the other segment, we continue to deliver strong organic growth of 25% in the third quarter due to our ongoing success generating new customers and projects. Turning to Slide 11, which shows organic growth performance by geography. IT&S revenue in the Americas grew 6% year-over-year. Within that, product revenue increased 10% in the region. While the strength was broad-based, as Paul will discuss, the standout end market was power generation, which includes our heavy lifting technology business or HLT, which specializes in heavy lifting and moving solutions for the build-out of data centers and infrastructure. Revenue in the Asia Pacific region, which was flat, was impacted by the conflict in the Middle East. In the oil and gas sector, refineries have delayed shutdowns in order to maximize production, which resulted in orders being pushed out. More broadly, higher inflation is causing our end customers to look for ways to economize by delaying purchases. However, within the APAC region, Australia, Japan and South Korea were strong. Turning to the EMEA region. Third quarter revenue in the region was flat as the gains in product revenue was offset by a decline in service revenue. Of note, performance in the EMEA region was also impacted by the ongoing conflict in the Middle East. As of last quarter's call, we were only 2 weeks into the conflict. Given its protracted nature, the impact has been greater than anticipated. While difficult to estimate an exact amount, we are specifically aware of a $3 million service project for a long-term customer that was scheduled for the third quarter, but delayed due to the conflict. That, in addition to other customer delays that impacted shipments in the region, resulted in a higher-than-expected headwind in the quarter. Overall, given the fluid nature of the situation in the Middle East, we're expecting a similar environment in the fourth quarter, but hope to see a return to more normal flow in the first half of fiscal 2027. Turning to Slide 12. Overall, as Paul mentioned, we executed the operational levers that we laid out last quarter. In addition, we recognized a $6 million net benefit from the expected refund of the IEEPA tariffs. Excluding the benefit of the tariff recovery, gross margins were negatively impacted by mix given the higher growth rate of our heavy lifting technology or HLT business and continued dilution from our service business. Adjusted SG&A expense was higher, up 90 basis points as a percent of revenue. We continue to invest in the business with a higher R&D spend and expenses associated with new product launches, including the recent ConExpo, where we launched 6 products. On a per share basis, we reported adjusted earnings of $0.60 in the third quarter of fiscal 2026, of which $0.08 was related to the tariff recovery. That compared with $0.51 in the year-ago period. Cash flow was strong. On a year-to-date basis, cash flow from operations of $69 million compared with $56 million in the year-ago period. Free cash flow expanded by $20 million to $60 million for the first 9 months of fiscal 2026. And we were pleased to continue our share repurchase program in which we repurchased approximately $15 million in the quarter. Looking ahead, while we are pleased with the solid mid-single-digit growth in our product business and the sequential improvement in service in the third quarter, we have adjusted our full year guidance. The delay in service revenue in the Middle East due to the ongoing conflict has an outsized impact on margins given the high fixed cost nature of the business. Additionally, we expect a margin impact driven by mix given the higher growth of our HLT business, which carries slightly lower margins. As shown on Slide 13, we now anticipate organic growth of 1% to 2% for the full year fiscal 2026, and we are guiding to adjusted EBITDA of $151 million to $156 million and adjusted earnings per share of $1.84 to $1.89. Given the strong cash flow performance to date, our free cash flow guidance remains unchanged. With that, let me turn it back to Paul.

Paul Sternlieb: Thanks, Darren. As Darren said, and illustrated on Slide 14, the power generation vertical has been a source of particular strength for Enerpac's HLT business in the Americas region. We have benefited from proactive engagement with existing customers. We have also launched a campaign targeting data center customers. These marketing initiatives have resulted in strong commercial activity, a growing funnel, and an expanding backlog, as we promote the application of our mission-critical moving systems to data center build-outs and to those manufacturers making equipment in support of data centers. And as I mentioned earlier, the addition of SFE Group will provide even greater exposure to the attractive power generation and data center end markets. SFE Group offers an extensive range of standard and customized solutions to ensure reliable performance and support critical operations in the power generation industry, including renewables and nuclear power. We also expect SFE Group to continue to generate meaningful sales in the data center market, where piping and tubing are critical components of the cooling infrastructure. At the beginning of the call, I also mentioned Enerpac's strong position in the growing defense market. As such, I am pleased to announce that we just signed a contract with a major European military contractor for nearly $5 million to provide specialized lifting systems that support maintenance activities on a key vehicle. We expect to ship the vast majority of that project in fiscal 2027. Another aspect that makes SFE Group such a good fit for Enerpac is our shared culture of innovation. At Enerpac, we are pleased with the accelerated pace of innovation this year and the market's reception to our recent product introductions as we continue to commercialize these launches. As shown on Slide 15, our new LU Series lightweight torque wrench pump, a portable pump for intermittent duty bolting applications, is a natural extension of our existing portfolio, addressing a sizable recurring applications opportunity. Moreover, like our other new products, we believe its design, features and high reliability support Enerpac's premium market position. We are also excited about the launch of the dual machine skate set, our first integrated solution combining our heavy lifting technology with DTA's moving and positioning technology. This system is purpose-built for in-factory movement of high-value prefabricated data center modules and further strengthens our end-to-end heavy lifting and positioning portfolio, spanning lift, jack, support and controlled transport solutions. We have now introduced 8 new products to date in fiscal 2026 and are on track to deliver 10 for the full year, double the pace we achieved in fiscal 2025. Looking ahead, as outlined on Slide 16, we believe Enerpac can continue to capture mid-single-digit growth in our product business, given our position in attractive verticals and geographies, complemented by the success of our innovation program. Meanwhile, the service business continues to improve in terms of growth and margins. And when the Middle East conflict resolves, we do see an opportunity to support rebuilding efforts through both our product and service businesses. Finally, as you saw, we continue to generate strong cash flow and remain effective stewards of capital. Before we open the call to your questions, I'd like to take this opportunity to let everyone at SFE Group know just how excited we are to have them join the Enerpac team. We believe that our shared commitment to customers, quality, innovation and operational excellence, combined with shared cultural values makes us a natural fit as we combine our complementary products to enhance our position as a premier industrial solutions provider.

With that, we'd be happy to take questions.

Operator: [Operator Instructions] Your first question comes from Will Gildea with CJS Securities.

Will Gildea: Paul and Darren, congrats on the acquisition. Can you talk a little more about what you like about the company, what's attractive? And it would also be helpful to know what the organic profile has looked like at SFE over the past few years and where it can go with revenue synergies and your global distribution network.

Paul Sternlieb: Yes. No, we'd be happy to. Thanks again for the question. Look, we're extremely excited about this acquisition. As we highlighted in the prepared remarks, SFE is a business that has premium products and margins, much like Enerpac's positioning in the marketplace. It has the ability to drive strong growth, we believe, both organically and inorganically. In fact, its organic growth has been in the high single digits or better in recent years. So we're extremely pleased with the performance of the underlying business. It has exposure to higher-growth end markets and geographies, as we talked about, and really a complementary position that expands our addressable market by about $1 billion. It also, by the way, comes with an extremely strong management team, who will stay on and become part of the Enerpac Tool Group team here. So we're super excited in terms of the talent addition that it brings here at Enerpac. And then also, as we talked about, both opportunities on revenue and cost synergies over time. I think on the top line, our view is we certainly can leverage Enerpac's international distributor network and our relationship with key national accounts. But also SFE has access to other channels that Enerpac is underpenetrated in today. So I think it really does go both ways. And then as we talked about, or Darren mentioned, I think early on, cost synergies may be limited as we lean more into the integration, bringing up to public company standards and driving more on the top line. But we do, over time, certainly see opportunities for operational synergies in terms of HR, IT, finance, and also, frankly, sourcing synergies, which we think may be some more low-hanging fruit. So all in all, we're just super excited. We've been taking our time diligently to explore opportunities in the marketplace, and we believe this is really, for us, an extremely great fit.

Darren Kozik: And Will, I'd just add. If you look at the business that Paul described and that we saw through diligence, it is a high-quality business that we think we got an attractive valuation. So we're very happy to bring the SFE Group into the family, because we think it will propel growth forward in the future.

Paul Sternlieb: And by the way, we're looking forward to the CJS Conference tomorrow in White Plains, so we can share more.

Will Gildea: Yes. We're looking forward to having you there. So the 10x EBITDA multiple for that very attractive business is pretty reasonable. Was it a competitive process? Just curious why the multiple wasn't somewhat higher? Are there near-term macro or other headwinds or anything like that, that we should be thinking about?

Paul Sternlieb: Yes. This was completely proprietary, Will, not in a process at all. In fact, the business wasn't planning to sell at all. The owner, Gladstone, is sort of effectively an evergreen fund, so they don't have any sort of near-term needs to sell. And I think we just got together and were able to strike a deal that was meaningful for both parties and make it work. And so as Darren referenced, we think it's an attractive valuation, certainly at a multiple below where Enerpac is trading, frankly. And so overall, I think it was a great deal all around.

Operator: Your next question is from Thomas Hayes with ROTH Capital Partners.

Thomas Hayes: Darren, maybe first on guidance, maybe could you provide a little bit more color on the rationale for some of the changes, key drivers? And just kind of along those lines, are there any transaction costs from the SFE transaction in the fourth quarter? Should we expect anything?

Darren Kozik: No. Great question, Tom. So I think where we sit today, as we look at the business for the last couple of quarters, we're very proud of the mid-single-digit product growth, okay? That's been the strength over the last couple of quarters. It's been our service business. We've talked about that the last few quarters. That is slightly dilutive to the overall portfolio. And obviously, we've been trying to reposition that business. We put on top of that the conflict in the Middle East, that's been a drag on earnings, okay? So as we look at Q4, as we look at the total year guide, Q4 looks candidly very similar to Q3, albeit we won't have the tariff recovery to help the margin rate out. So we're thinking about Q4 in the same lens, candidly as Q3, low single-digit growth, EBITDA margin in 23%, 24% range at the midpoint, okay? So as you kind of step back, that's where we are today. Now from a transaction perspective, what we will do is that is not in the guide. We will carve out those costs. We'll tend to look at adjusted EBITDA, excluding M&A costs and any noncash acquisition charges going forward, but we'll share more on that in the future.

Paul Sternlieb: Yes. And you will see in our Q (sic) [ 10-Q ], we did, of course, have some charges for this transaction in Q3, and there will be some follow through in Q4 as well.

Thomas Hayes: Okay. And then maybe just shifting gears a little bit to the product side. I know we had a chance to see some of your new products at ConExpo earlier this year. But maybe just kind of dive in a little bit more on the data center opportunity. You had mentioned it in your prepared remarks, just kind of where you see Enerpac finding a niche there? And also how does maybe the SFE kind of extend that further?

Paul Sternlieb: Yes. No, happy to, Tom. Look, I mean, while it's certainly small today, we do see it as an outsized growth opportunity for us, and we referenced that in our prepared remarks. First off, for HLT specifically, and it's in the slide deck, I think on Slide 14, we've built -- we've seen nice growth and built a nice backlog there. And we do see a lot of that driven through either data center or data center-related activity. What I'd highlight mostly is our products aren't going maybe directly into a data center, meaning our customers aren't hyperscalers themselves per se. More often, they are manufacturers that are making heavy equipment that has to go into a data center, and they need our equipment and tools to help manufacture, produce that equipment, move it around their facility, and ultimately move it into and position it inside a data center like some of these modular solutions. So we are really pleased with the progress there. As we talked about, we've launched some specific marketing campaigns focused at the data center market. And then also, as we referenced on the prepared remarks, we did just launch our new battery-powered dual machine skate set. And that's pretty exciting for us because now that we've owned DTA for about 1.5 years, we've been able to leverage some of the technology that, that team has developed and actually integrate it into our HLT solutions. So some of the early technology synergies that we had hypothesized are really coming to the fore at this point. And that solution allows for very precise movement of prefabricated data center modules. And so again, small to start, but really good growth prospects in those markets given our products and what they can help our customers do.

Operator: Your next question is from Ross Sparenblek with William Blair.

Ross Sparenblek: Congrats on the acquisition this morning. Maybe just kicking off there. Can we maybe just speak to the competitive landscape? It sounds like they're 15%, 20% of their own TAM. Just any other competitors to be aware of?

Paul Sternlieb: Yes. I would say, Ross, like Enerpac, it's a fairly large and fairly fragmented market. For most of what SFE does, they are, I would say, either market leader or in top 2 or 3 positions in the market. That's probably more true in the Americas given their weighting in this geography, which obviously is one of the reasons we're excited about the revenue synergies and our ability to help them grow more internationally. But their set of brands are very premium positioned and enjoy really nice share in the market today. But again, there is a whole host of sort of fragmented competitors, which, by the way, over time, may present additional inorganic growth opportunities. One of the things that we also liked as we talked about regarding SFE has been their ability to grow inorganically, and they've added on a number of businesses and brands over the years that Gladstone has owned them. And they actually come with the funnel of other opportunities as well. So in time, I think that will help boost our own corporate development opportunities here.

Ross Sparenblek: Okay. I was just trying to get a sense if there's anybody else that really stands out as being the dominant provider across any one of these end markets. And if you look back the last 5 years or so, do you get the sense that they're organically taking share or just kind of growing with the market? And if they are, what is it in that strategy? Has it been geographic or more just end market related, brand related?

Paul Sternlieb: Yes. I would say there's no standout, in my view, competitor. There is a whole host of them. And certainly, over time, we can share more in our investor materials around that. But just like Enerpac, I mean, we always remain paranoid around the competitive set and our positioning in the market, so does SFE. But again, I feel confident in their positioning today. I think our view is that they have been taking share over the last few years. I think they've been excelling in terms of commercial execution in the marketplace, some of the innovation that they've launched as well. And I think the combination of those things has really allowed them to effectively grow faster than the market is our view.

Ross Sparenblek: Okay. That's good to hear. And then just thinking about kind of their end market exposure to power gen infrastructure versus Enerpac. Have you seen those end markets grow? And then maybe just the ability to leverage that go-to-market, what would that look like going forward in the 2 product portfolios?

Paul Sternlieb: Yes, absolutely. I mean if you look at Slide 7, that does break down end market exposure. And again, that was a really attractive element as we evaluated this opportunity with SFE. I mean, they've got fairly extensive exposure on the power gen and energy market as well as aero and military and defense. So those are markets that are, I think, very attractive with what we believe have long-term really positive fundamentals underlying them. And then, of course, the semiconductor and data center market as well, where they, I would say, have more significant exposure than we do today. I mean if you step back and think about it at a very high level, basically, almost all of SFE's portfolio are tools used for round stuff, for pipes, to make it very simple. Anywhere you need a pipe, you need to cut a pipe, put pipes together, weld pipes, things like that. That is, in essence, what a lot of their tools enable for their customers, obviously, with high precision, high quality. And if you think about these end markets, there's a lot of round equipment, round pipes in those markets, especially things like data center and semiconductors, where they need pipes for cooling. So again, just a really attractive element for us. And I think the combination of the 2 gives us more leverage to drive more penetration collectively in those end markets.

Ross Sparenblek: Okay. Well, I mean kind of looking on the website, it appears to be more nuclear renewables. When we think about that 35% energy as power gen, what is kind of the oil and gas mix?

Paul Sternlieb: It's a pretty important element. Yes. I mean I think the website, I would take sort of just as color, but the data that we share, I mean there's a good element in there that is refinery, petrochem related as well. And they do, do a fair bit of nuclear, which, as you know, is a good end market here for Enerpac. We even have some specialty product lines dedicated to the nuclear market. So yes, they participate in wind as well, like we do, probably similar exposure to what Enerpac has in wind today, single digits.

Operator: [Operator Instructions] Your next question is from Steven Silver with Argus Research.

Steven Silver: Congratulations on the deal as well. So the leverage for the company, you guys have brought down to 0.5x through Q3, and you've estimated it going up to about 2.8x at the closing of the deal, and then forecasting a return to about 2.2x after the end of year 1. I'm just curious as to whether those forecast changes your views of your capacity or appetite for additional tuck-in M&A? Or are you really focused on bringing your leverage back within the range?

Darren Kozik: Good question, Steve. So I would say, to give everyone some flavor on SFE Group, their profile, their cash generation profile is very similar to ours, okay? When you look at their business, their CapEx as a percent of revenue runs 1% to 2%, very similar to us. So we're confident in that ability to pay down that debt to get to our target leverage of 1.5x to 2.5x. As we look at the next 12 months, that will be a focus, but we will also have access to additional capital to do tuck-in M&A or potentially share repo. So we do have options ahead of us, and we do have flexibility just given where our leverage will stand.

Paul Sternlieb: Yes. And I would add, Steve, again, as referenced, the team at SFE does actually come with an existing funnel of additional inorganic opportunities. Some of those are smaller tuck-ins, and we may look to pursue those just given the strength of our balance sheet. So I mean, obviously, we wouldn't be looking to do anything outsized until we get back to a more comfortable leverage position, but smaller things are certainly in the realm of possibility.

Steven Silver: Great. So just circling back to the Middle East. I know you guys talked about in the prepared remarks, really what you're seeing in terms of the protracted conflict there. But you also mentioned that you expect some or at least see recoveries being more likely in fiscal '27. So I'm just curious as what you guys see as the potential risk or the pain points coming out of that conflict given the fact that the situation does remain so fluid even like 5, 6 months into this conflict at this point?

Darren Kozik: As a reminder, the Middle East and our business, it's roughly about 10% of our business or about $60 million. So that's kind of the size of it. As we look at what happened in Q3, we did have one big shutdown that was pushed out, Steve. Obviously, given the news over the last couple of days, there may still be more pushouts. I think as Paul and I look at the Middle East and we think of the opportunity, it's not if, it's when, okay? And that's the lens we're taking. We do think there will be opportunities for us there in the future. Just with the conflict, it may take time.

Steven Silver: Okay. Great. And then one more, if I may. The prepared remarks talked about SFE having about 1,400 active distributors. And I know you guys have done quite a bit of work over the last couple of years consolidating your own distributor network. So I'm just curious as to whether there's a lot of overlap there in terms of the distribution network and how you guys plan to really just consolidate that distribution network post closing?

Paul Sternlieb: Yes. Great question, Steve. I mean, as we get into integration planning, that's certainly a key area of focus on the commercial side of how we leverage the strength of both of our channels to drive accelerated growth for both Enerpac and SFE. They've got a really exciting, strong, very extensive distribution channel partner network. There's certainly some overlap with what Enerpac does today, but it's like a Venn diagram, right? There are areas where we have a distribution or types of channels that they don't have or aren't as strong in. And there are areas where they have channel partners that traditionally we aren't as strong in. I'll give you an example, the welding channel, given what they do with AXXAIR and some of their other product lines is a reasonably strong channel for SFE, a channel that Enerpac really hasn't traditionally played in. So we'll evaluate that at the appropriate time through the commercial organization, but we do think there are some opportunities to leverage the combined scale of the distribution networks.

Operator: There are no further questions at this time. I'll now turn the call back over to Paul Sternlieb for any closing remarks.

Paul Sternlieb: Okay. Well, thank you again for joining us on the call this morning. As I mentioned, we will be attending the CJS 26th Annual New Ideas Summer Conference in White Plains tomorrow. So please join us if you're able. Thanks again, and have a great day.

Operator: Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.