Overview Key strengths Key risks Supportive long-term e-commerce and automation tailwinds. Significant, though decreasing, customer concentration in a competitive industry. Strong market position in materials handling and automation solutions industry. Project-based revenue model results in lumpy cash flow generation and introduces execution risk. Long-term relationships with blue-chip parcel customers. High leverage and financial sponsor ownership. Following about 9% organic revenue growth in 2022 (pro forma for the MHS/Fortna merger), we forecast Fortna?s revenues to decline in the mid-teens-percent area in 2023, largely due to lower capital spending by parcel customers. We believe this reflects several factors, including customer caution given a weaker macroeconomic backdrop, a slowdown in e-commerce penetration toward more normalized levels following significant growth during the COVID-19 pandemic,
