C•••••••• A••••••

What matters now

1. 4 vs 5

   add-ons, last 12 months vs the 12 before

   4 add-ons in the last 12 months, against 5 in the 12 before; latest A••••••• D•••••••• D•••••• S••••• on 1 May 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: 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 4 announcements this year that name a stateFor Owners in these states, local bankers
3. 15 of 15

   add-ons in one niche

   Buys education businesses: 15 of the 15 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
4. +1

   sponsor funds on Form ADV

   Its sponsor, G••••••• A•••••••• L••, went from 2 to 3 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