B•••••• W•••

What matters now

1. 1

   add-ons, last 12 months vs the 12 before

   1 add-on in the last 12 months; latest C•••••• G•••••• S••••• on 17 Dec 2025.

   Its first add-ons on record in two years: a platform starting to build.

   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 announcements this year that name a stateFor Owners in these states, local bankers
3. +3

   sponsor funds on Form ADV

   Its sponsor, P••• S••••• C••••••, went from 4 to 7 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