X•••

What matters now

1. 1

   state, 12 months

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

   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. +2

   sponsor funds on Form ADV

   Its sponsor, S••••••• I••••••••• P••••••• A•••••••• L••, went from 4 to 6 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