C••••• C••••

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 F•••• C•••• on 21 Oct 2025.

   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: CA.

   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. +3

   sponsor funds on Form ADV

   Its sponsor, A•••••• C•••••• M••••••••• L•, went from 24 to 27 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