Please wait

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

X0202 SCHEDULE 13D/A 0001616061 XXXXXXXX LIVE 5 Class A Common Stock, par value $0.0001 05/14/2026 false 0001776661 00791N201 Advantage Solutions Inc. 7676 Forsyth Boulevard Fifth Floor St. Louis MO 63105 Christopher Growe (314) 655-9333 c/o Advantage Solutions Inc. 7676 Forsyth Blvd., Fifth Floor St. Louis MO 63105 0001616061 N Karman Topco L.P. OO N DE 6998347 0 6998347 0 6998347 N 52.6 PN Class A Common Stock, par value $0.0001 Advantage Solutions Inc. 7676 Forsyth Boulevard Fifth Floor St. Louis MO 63105 This Amendment No. 5 amends and supplements the Statement on Schedule 13D originally filed by Karman Topco L.P., a Delaware limited partnership, (the "Reporting Person"), with the Securities and Exchange Commission (the "SEC") on October 28, 2020 (as amended to date, the "Schedule 13D"), with respect to the shares of Class A Common Stock, par value $0.0001 per share (the "Common Stock"), of Advantage Solutions Inc., a Delaware corporation (the "Issuer"), whose principal executive office is located at 7676 Forsyth Blvd., Fifth Floor, St. Louis, MO 63105. Unless otherwise indicated, each capitalized term used but not defined herein shall have the meaning assigned to such term in the Schedule 13D. The Schedule 13D is being filed by Karman Topco L.P., a Delaware limited partnership, (the "Reporting Person"). The directors of the Reporting Person are Adam Levyn, Christopher Baldwin, Tiffany Han, Timothy Flynn and Xiaofeng Yao (collectively, the "Related Persons"). No person or entity has the right to appoint a majority of the Reporting Person's directors. The business address of the Reporting Person and each of the Related Persons is c/o Advantage Solutions Inc., 7676 Forsyth Blvd, Fifth Floor, St. Louis, MO 63105. The Reporting Person is principally engaged in the business of managing its investment in the securities of the Issuer. The present principal occupation of each of the Related Persons is as follows: - Adam Levyn is a Partner of Leonard Green & Partners, L.P.; - Christopher Baldwin is a Managing Partner of CVC Capital Partners; - Tiffany Han is a Managing Director of CVC Capital Partners; - Timothy Flynn is an Advisory Partner of Leonard Green & Partners, L.P.; and - Xiaofeng Yao is President and Chief Commercial Officer of VXI Global Solutions, LLC. During the last five years, neither the Reporting Persons nor any Related Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors). During the last five years, neither the Reporting Persons nor any Related Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The Reporting Person is incorporated in the State of Delaware. Each of the Related Persons is a citizen of the United States. Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Distribution On May 14, 2026, the Reporting Person distributed 190,324 shares of Common Stock to certain of the Reporting Person's limited partners in exchange for cancelling such limited partners interests held in the Reporting Person. Item 5 of the Schedule 13D is amended and restated in its entirety as follows: Amount beneficially owned: 6,998,347 Percent of Class: 52.6% Number of shares the Reporting Person has: o Sole power to vote or direct the vote: 6,998,347 o Shared power to vote: 0 o Sole power to dispose or direct the disposition of: 6,998,347 o Shared power to dispose or direct the disposition of: 0 The above percentage is based on 13,295,280 shares of Common Stock issued and outstanding as of May 5, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2026, and reflects the 1-for-25 reverse stock split of the Common Stock effective as of March 26, 2026. Except as described in Item 4, during the past 60 days, neither the Reporting Person nor any of the Related Persons has effected any transactions with respect to the Common Stock. None. Not applicable. Karman Topco L.P. /s/ Bryce Robinson Bryce Robinson, Secretary 05/18/2026