Cherry Tree Publishes Building 
Products Industry 2017-Q2 Report
The enclosed report focuses on the Building Products industry. Our feature article focuses on the HVAC sector. We examine several factors that are affecting the demand for HVAC systems, including the entrance of millennials into the housing market, energy efficiency, and the rise of smart homes. Cherry Tree & Associates' industry report also includes M&A valuation metrics for Building Products companies, notable Building Products transactions in 2017-Q2, and our Building Products Index.

We trust you will find this report beneficial. Please contact us to discuss our services, the industry, this report, our findings, or the outlook for your business.

> Building Products Industry Report, 2017-Q2
Dave Latzke
Managing Director, Investment Banking
Cherry Tree & Associates, LLC
Direct   952.253.6032
301 Carlson Parkway #103
Minnetonka, MN 55305
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