So it was down 2% in the quarter. Anything you could talk about, whether it’s volume or price or specific product categories. However, you can talk to what’s going on in that segment.Barry Logan It’s about 1,000 vendors, about 80 different product lines, and anything from duct tape to refrigerant to replacement parts to copper tubing and so on. So no great inference on any one thing. It’s a basket where a year ago again, 25% plus, I think, same store sales a year ago. So I think that’s just a reality a year later of a very tough comparable.Albert Nahmad Also, Patrick, remember what we do. We participate in a very stable market. We’re not involved that much with new construction. It’s about, I don’t know, about 10%, maybe as much as 15% sometimes.
We’re in the business of helping air conditioning and heating continue operating 12- months a year. That’s what we support. And that’s not going to, it’s just nice to be in that sort of the business where it’s pretty stable. Sometimes it goes a little faster than others, but it’s stable. And with the millions and millions of homes and businesses that are using HVAC products, it’s just something that, shall we say, essential. You got to cool homes, you got to heat homes. And that’s not going to be that effective with economic trends to a large extent. Now, where we think we can also help is financing if things get too expensive in terms of interest rates and inflation on the product. And so we are focused on helping the consumer with financing that we have designed probably industry leading technology to help the contractor help the consumer with financing these products.Patrick Baumann Understood.
Thanks for that color. And then the last one is just on the M&A pipeline. Maybe you could talk about how you guys are feeling about the M&A space these days, seller expectations. Maybe market uncertainty holds that back a bit. I don’t know any color you could give on that.Albert Nahmad Well, I want to say that I think our reputation for our culture is our best selling point. Private equity entered the industry. I don’t know the impact of higher rates is going to have on private equity as competitors to make acquisitions. But we’re a different kind of a buyer from private equity. We’re for the long term, we like building the legacies of people that created a business. We’re very unique in that position. And yes, we’re always active in M&A. We think of that as a strategic way for us to expand our footprint throughout North America.
And I don’t think that’s are going to change now. Will private equity come and go? We’ll see. But doesn’t remember, there are over 1,000 distributors out there. It doesn’t mean that we’re not going to be active in it. We always will be active in it.Operator And that concludes our question-and-answer session. I would like to turn the conference back over to Albert Nahmad for any closing remarks.A – Albert Nahmad Thanks, Joe, for a good job. And thank you all listeners for our interest in our company. And we look forward to having another one of these calls at the end of this quarter. Bye-bye now.Operator The conference has now concluded. Thank you very much for attending today’s presentation. And you may now disconnect your lines.
