A•••• E••••••••• C••••••••• L••

What matters now

1. 1

   state, 12 months

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

   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 announcements this year that name a stateFor Owners in these states, local bankers
2. +4

   sponsor funds on Form ADV

   Its sponsor, J••• L••••• a•• C•••••• L••, went from 20 to 24 private equity funds on its Form ADV.

   New vehicles at the sponsor are capital arriving: it can keep funding this roll-up rather than sell it to fund the next one.

   FactSEC Form ADV, Schedule DFor Lenders, sell-side bankers