J••••••• S••••• G••••

What matters now

1. 1 vs 1

   add-ons, last 12 months vs the 12 before

   1 add-on in the last 12 months, against 1 in the 12 before; latest S••••••••• on 1 Sep 2026.

   Buying at a steady pace: owners in its niche can expect an approach.

   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: AZ.

   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
3. +7

   sponsor funds on Form ADV

   Its sponsor, A•••• P•••••• E•••••, went from 31 to 38 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