Company: RMIX
Filing Date: 2025-11-12
Form Type: S-4
Source: 0001104659-25-110488
Chunk: 263

Company: Suncrete, Inc.
Filing Date: 2025-11-12
Form: S-4
Chunk 263
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crete, and a median estimated 2026 EBTIDA margin of approximately 10.3%, a median estimated 2026 Free Cash Flow Conversion of approximately 88.6%, a median estimated 2026 revenue growth of approximately 10.0% and a median estimated 2026 EBITDA growth of approximately 10.8% for the Industry Consolidator companies, and a median estimated 2026 EBTIDA margin of approximately 31.0%, a median estimated 2026 Free Cash Flow conversion of approximately 64.5%, a median estimated 2026 revenue growth of approximately 6.2% and a median estimated 2026 EBITDA growth of approximately 10.6% for the U.S. Heavy Materials Provider companies. The Haymaker Board’s comparison of Suncrete to the selected public companies allowed the Haymaker Board to conclude that Suncrete’s estimated 2026 Adjusted EBITDA Margin, Free Cash Flow Conversion, revenue growth and Adjusted EBITDA growth were similar to or above the selected companies’ benchmarks. This analysis supported the Haymaker Board’s determination that the terms of the Business Combination were fair to and in the best interest of Haymaker and its shareholders. The projected financial information of Suncrete discussed in the preceding paragraph is predicated on Suncrete’s projected acquisitions, which are illustrative and consist of the Hypothetical Target Companies with whom Suncrete had management-level discussions; however, as of the time the Suncrete Projections were prepared, Suncrete had not yet begun formally negotiating letters of intent with any of the Hypothetical Target Companies nor had it received or commenced a detailed review of historical or operational information of any of the Hypothetical Target Companies. For a more detailed description of the material assumptions underlying the projected financial information, see the section titled “ The Business Combination — The Haymaker Board’s Reasons for the Approval of the Business Combination — Summary of Haymaker’s Financial and Valuation Analysis — Certain Unaudited Suncrete Prospective Financial Information. In addition, with respect to Suncrete, Adjusted EBITDA is comprised of organic Adjusted EBITDA and acquired Adjusted EBITDA. Suncrete’s organic Adjusted EBITDA is calculated as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, management fees and transaction expenses, while acquired Adjusted EBITDA is calculated as acquired net income (loss) before interest expense, acquired income tax expense (benefit), acquired depreciation and acquired amort