Karman Topco L.P. Decreases Stake in Advantage Solutions Inc. (ADV) via Share Distribution

Karman Topco L.P. filed an Amendment No. 5 to its Schedule 13D on May 18, 2026, regarding its holdings in Advantage Solutions Inc. (ADV). The filing reports that on May 14, 2026, Karman Topco L.P. distributed 190,324 shares of Class A Common Stock to certain limited partners in exchange for the cancellation of their interests in the partnership. Following this distribution, Karman Topco L.P. beneficially owns 6,998,347 shares, representing 52.6% of the company's outstanding Class A Common Stock. This percentage is based on 13,295,280 shares outstanding as of May 5, 2026, and accounts for a 1-for-25 reverse stock split that became effective on March 26, 2026. The reporting person maintains sole voting and dispositive power over the remaining shares. The directors of the reporting person include representatives from Leonard Green & Partners and CVC Capital Partners. No other transactions were reported by the filer or related persons within the past 60 days.