Company: RMIX
Filing Date: 2025-11-12
Form Type: S-4
Source: 0001104659-25-110488
Chunk: 264

Company: Suncrete, Inc.
Filing Date: 2025-11-12
Form: S-4
Chunk 264
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ization and transaction expenses. In addition, Suncrete’s Free Cash Flow Conversion is calculated as (x) Adjusted EBITDA minus maintenance CapEx, divided by (y) Adjusted EBITDA. Further, Suncrete’s estimated 2026 revenue growth of 24.5% consists of 18.1% acquired revenue growth and 6.4% organic revenue growth, while its estimated 2026

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Adjusted EBITDA growth consists of 14.6% acquired Adjusted EBITDA growth and 9.3% organic Adjusted EBITDA growth. In addition, the Haymaker Board reviewed an analysis of the trading metrics and projected/forecasted financial performance for selected publicly traded companies that Haymaker management deemed relevant for purposes of this analysis. Haymaker management calculated, as of October 1, 2025, among other things, various public market trading multiples for the selected publicly traded companies (based on publicly available consensus research analysts’ estimates and other publicly available information), which are summarized in the table below:

| ​                                | ​ | ​ | TEV / 2026EEBITDA |   |       |   | ​ | ​ | TEV / 2026EFCF(1) |   |       |   | ​ |
| Industry Consolidators           | ​ | ​ | ​                 | ​ | ​     | ​ | ​ | ​ | ​                 | ​ | ​     | ​ | ​ |
| Comfort Systems USA, Inc.        | ​ | ​ | ​                 | ​ | 22.3x | ​ | ​ | ​ | ​                 | ​ | 25.2x | ​ | ​ |
| Quanta Services, Inc.            | ​ | ​ | ​                 | ​ | 20.9x | ​ | ​ | ​ | ​                 | ​ | 25.6x | ​ | ​ |
| SiteOne Landscape Supply, Inc.   | ​ | ​ | ​                 | ​ | 14.5x | ​ | ​ | ​ | ​                 | ​ | 16.0x | ​ | ​ |
| Median                           | ​ | ​ | ​                 | ​ | 20.9x | ​ | ​ | ​ | ​                 | ​ | 25.2x | ​ | ​ |
| U.S. Heavy Materials Providers   | ​ | ​ | ​                 | ​ | ​     | ​ | ​ | ​ | ​                 | ​ | ​