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  "documentTitle": "Federal Signal | Investor Presentation Deck | 30 slides",
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      "text": "Specialty Vehicle Market – North America Includes All Systems Built on Class 3-8 Commercial Chassis (~395K Units)",
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      "text": "Trackless VEHICLES",
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      "text": "Return on capital greater than cost of capital, risk adjusted\nNiche market leader (product, geography, end-market)\nSustainable competitive advantage\nDeep domain expertise (technology, application, manufacturing)\nStrong management team\nLeverages existing distribution & manufacturing capabilities\nGrowth potential\nOpportunity for through cycle margins in line or higher than FSS targets\nIdentifiable synergies",
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      "text": "Leverage distribution & increase Trackless geographic reach\nHighly complementary to existing publicly-funded FSS product portfolio (sewer cleaners, street sweepers)\nFurther expands FSS exposure to valued industry sub-segments such as snow & ice, tree care & vegetation\nOperates within EBITDA margin range",
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      "text": "Other Specialty vehicles\nDump Truck\nDry & Reefer Bodies\nWalk-In Vans\nSchool Bus\nTransit Bus\nRefuse & Fire",
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      "text": "Manufacturer of multi-purpose, maintenance vehicles based in Ontario, Canada",
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      "text": "Surgically evaluating opportunities that meet our criteria",
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      "text": "Current FSS product portfolio directly addresses ~15% of the overall specialty vehicle market, resulting in a $4-5bn annual TAM. FSS market share ranges from 20-50% in those categories.",
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      "text": "Source: Management, NTEA as of 2023, Specialty Research",
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      "text": "Strategic Pillars: Executing on our M&A Pipeline",
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