[Form 4] Aveanna Healthcare Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: Robert M. Williams Jr., identified as a 10% owner of Aveanna Healthcare Holdings, Inc. (AVAH), reported two immaterial transactions dated 07/10/2025. Both were coded “J,” indicating in-kind distributions rather than open-market trades.

• PSA Healthcare Investment Holdings LLC distributed 64,773 AVAH common shares to its members at a stated price of $0, reducing its post-distribution position to 15,523,809 shares.
• PSA Iliad Holdings LLC similarly distributed 17,109 shares, leaving 1,426,034 shares.

No purchases were reported, and the filing shows Mr. Williams continues to hold—through multiple J.H. Whitney-related entities—approximately 51.6 million shares indirectly. There were no direct holdings and no change to the larger positions held by J.H. Whitney VII, L.P. (28.9 million shares), JHW Iliad Holdings LLC (5.18 million), or JHW Iliad Holdings II LLC (0.54 million).

Investor takeaway: The reported movements are administrative re-allocations within affiliated funds, executed at $0 and representing less than 0.2% of the insider’s aggregate indirect stake. Because no cash sales occurred and overall exposure remains essentially unchanged, the filing is neutral from a supply-demand perspective but does increase the free-float slightly as distributed shares migrate to individual members.

Positive

• None.

Negative

• Free-float may increase slightly as 81,882 shares move from fund vehicles to individual members, potentially adding minor selling pressure.

Insights

Securities Analyst

TL;DR: Very small in-kind transfers; insider’s aggregate stake intact—neutral market impact.

The Form 4 discloses two code-J distributions totaling 81,882 shares (<0.2% of the insider’s indirect holdings). Such transfers usually reflect fund-level liquidity events or investor redemptions and do not signal management sentiment. With no cash proceeds and no change to the major 28.9 million and 15.5 million share blocks, selling pressure is unlikely. However, once distributed, shares could be sold by underlying members, marginally lifting float. Overall, the filing lacks material financial implications for AVAH.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WILLIAMS ROBERT M JR

(Last) (First) (Middle)

C/O J.H. WHITNEY CAPITAL PARTNERS, LLC

212 ELM STREET

(Street)

NEW CANAAN CT 06840

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aveanna Healthcare Holdings, Inc. [ AVAH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value								0	D(4)
Common Stock, $0.01 par value								28,890,756	I	By J.H. Whitney VII, L.P.(1)
Common Stock, $0.01 par value	07/10/2025		J(5)		64,773	D	$0	15,523,809	I	By PSA Healthcare Investment Holdings LLC(1)
Common Stock, $0.01 par value								5,182,086	I	By JHW Iliad Holdings LLC(2)
Common Stock, $0.01 par value	07/10/2025		J(6)		17,109	D	$0	1,426,034	I	By PSA Iliad Holdings LLC(1)
Common Stock, $0.01 par value								543,207	I	By JHW Iliad Holdings II LLC(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. J.H. Whitney Equity Partners VII, LLC ("Equity Partners VII") is the general partner of J.H. Whitney VII, L.P. ("JHW VII") and Whitney Strategic Partners VII, L.P. ("Strategic Partners VII"). Strategic Partners VII is the managing member of each of PSA Healthcare Investment Holdings LLC ("PSA Healthcare") and PSA Iliad Holdings LLC ("PSA Iliad Holdings"). As a result, Equity Partners VII may be deemed to share voting and dispositive power with respect to shares of common stock, $0.01 par value per share (the "Shares"), held by each of JHW VII, PSA Healthcare and PSA Iliad Holdings, and Strategic Partners VII may be deemed to share voting and dispositive power with respect to the Shares held by each of PSA Healthcare and PSA Iliad Holdings. Each of Equity Partners VII and Strategic Partners VII disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.

2. Project Iliad Managing Member, LLC ("Project Iliad") is the managing member of JHW Iliad Holdings LLC ("JHW Iliad"). As a result, Project Iliad may be deemed to share voting and dispositive power with respect to the Shares held by JHW Iliad. Project Iliad disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.

3. J.H. Whitney Capital Partners, LLC ("Capital Partners") is the sole member of J.H. Whitney VII Management Co., LLC ("Management Co. VII"), which is the managing member of JHW Iliad Holdings II LLC ("JHW Iliad II," and, collectively with PSA Healthcare, JHW Iliad, and PSA Iliad Holdings, the "Stockholder Entities"). As a result, each of Capital Partners and Management Co. VII may be deemed to share voting and dispositive power with respect to the Shares held by JHW Iliad II. Each of Capital Partners and Management Co. VII disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.

4. Robert M. Williams, Jr is a Managing Member of Equity Partners VII, a Member of Project Iliad and a Senior Managing Director of Capital Partners. As a result, the undersigned may be deemed to share voting and dispositive power with respect to the Shares held by the Stockholder Entities. The undersigned disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

5. In-kind distribution from PSA Healthcare to its members.

6. In-kind distribution from PSA Iliad Holdings to its members.

	/s/ David Zatlukal, Attorney-in-Fact	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many Aveanna (AVAH) shares did the insider transfer?

Two in-kind distributions totaling 81,882 shares were reported.

Were the insider transactions open-market sales?

No. Both transactions were coded J, indicating non-open-market, in-kind distributions at $0 per share.

Did Robert M. Williams Jr.’s overall stake in AVAH decrease materially?

No. After the transactions he still indirectly controls about 51.6 million shares through J.H. Whitney-affiliated entities.

Is this Form 4 filing likely to impact Aveanna’s stock price?

The transfers represent less than 0.2% of the insider’s holdings and are considered administrative; market impact is expected to be minimal.

What does transaction code ‘J’ mean on a Form 4?

Code ‘J’ denotes other transactions, often in-kind distributions or transfers that are not open-market purchases or sales.