S•••• H•••••

What matters now

1. 1

   add-ons, last 12 months vs the 12 before

   1 add-on in the last 12 months; latest R•••• S•••••••• C••• P••••••• on 2 Jun 2026.

   Its first add-ons on record in two years: a platform starting to build.

   Factadd-on announcements, datedFor Owners in its niche, lenders, sell-side bankersAll add-ons →
2. 1

   state, 12 months

   Its add-ons of the last 12 months were announced in 1 state: NC.

   Where it is buying now: owners and bankers in these states are the ones it calls, and each new local brand is a base for the next deal nearby.

   Inferenceread from the 1 of 1 announcement this year that name a stateFor Owners in these states, local bankers
3. $2.6B

   sponsor fund close

   Its sponsor, W••••••• H••••• I••••••••• L••: W••••••• H••••• I•••••••• Closes O••••••••• Fund VII at $2.6 Billion (3 Dec 2025).

   A sponsor with a freshly closed fund can keep funding the roll-up, or buy the platform again in a continuation vehicle.

   Factfund close announcementFor Lenders, sell-side bankers