LBB, a Delaware limited liability company and a registered investment adviser, provides investment advisory services to privately offered investment funds. LBB commenced operations in June 2015. LBB’s current clients include the following (each, a “Fund,” and together, the “Funds”):
• LBB Industries I LLC (“LBB I”)
• LBB Industries II LLC (“LBB II”) Except where otherwise specified, references to LBB, the “Adviser” or to the “Firm” in this Brochure refer to LBB Holding Company LLC. The Funds are private equity funds and invest through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” The Firm’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted under certain conditions. From time to time, the Founders or other personnel of LBB or its affiliates generally serve on portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies in which the Funds have invested. The Firm’s advisory services to the Funds are detailed in applicable offering documents (each, an “Offering Document”), limited liability or other operating agreements or governing documents (each, a “LLC Agreement” and, as applicable, together with any relevant Offering Document, the “Governing Documents”) and are further described below

under “Item 8. Methods of Analysis, Investment Strategies and Risk of Loss.” Holders of equity interests in the Funds (each, an “Investor”) participate in the overall investment program for the applicable Fund but may be excused from a particular investment due to legal, regulatory or other circumstances pursuant to the terms of the relevant LLC Agreement. The Funds or the Adviser may also enter into “Side Letters” or other similar agreements with certain Investors that have the effect of establishing different or preferential rights or terms under, or altering or supplementing the terms (including economic or other terms) of, the relevant LLC Agreement with respect to such Investors including but not limited to different fee structures, information rights, co-investment rights, and liquidity or transfer rights. Additionally, from time to time and as permitted by the relevant Governing Documents, the Adviser may provide (or agree to provide) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain Investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, LBB’s personnel and/or certain other persons associated with LBB and/or its affiliates. For more information, see “Item 8. Methods of Analysis, Investment Strategies and Risk of Loss – Conflicts of Interest”. The Firm has $303,401,568 in client assets under management on a discretionary basis as of December 31, 2023. LBB is principally owned and is controlled by Simon E. Brown and Matthew F. LeBaron (collectively referred to as the “Founders”).