Advantage Solutions

Management divested non‑core assets (e.g., Jun Group) and sold part of its European JV interest, while prioritizing debt reduction and a comprehensive exchange into 2030 notes. These moves simplify the portfolio and improve runway, albeit with a higher coupon.

Capex of ~$50–60 million in 2026 supports systems and productivity; we view this as maintenance‑plus rather than a heavy growth capex flywheel. Dilution risk is non‑trivial: on April 29, 2026, the company granted ~951k RSUs plus PSUs and options, equating to high single‑digit potential dilution relative to ~13.1 million shares outstanding.