S•••••• P••••••• • A•••••••

What matters now

1. 1 vs 2

   add-ons, last 12 months vs the 12 before

   1 add-on in the last 12 months, down from 2 in the 12 before; latest G•••• W• on 9 Oct 2025.

   Still buying, but at a fraction of last year's pace: a platform that slows after a spree is often digesting, refinancing or preparing a sale, which is when its lenders and its sponsor's bankers are worth a call.

   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: 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
3. $6B

   sponsor fund close

   Its sponsor, A•••••••• C•••••• P•••••••: A•••••••• C•••••• P••••••• Closes Fund VII at $6 Billion (30 Oct 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
4. 3 of 5

   add-ons in one niche

   Buys personal care services businesses: 3 of the 5 add-ons whose sector is known.

   A buyer this concentrated looks at nearly every local firm in its niche: a seller in it is a likely target, and a competitor knows who it is bidding against.

   Derivedsector of each add-on, countedFor Owners in the niche, competing sponsors