Antoine Munfakh, deputy global head of private equity at Apollo Global Management, in an interview with Bloomberg:

“We’re tracking $180 billion of enterprise value across opportunities... For all of the talk of all time high valuations, it’s really all concentrated at the top. The average small cap company really isn’t trading any higher valuation on average than it was 10 years ago. These are the exact types of real economy, picks and shovels businesses that we want to buy.”

Sounds very similar to our view on $LYTS…