Company: RMIX
Filing Date: 2025-11-12
Form Type: S-4
Source: 0001104659-25-110488
Chunk: 245

Company: Suncrete, Inc.
Filing Date: 2025-11-12
Form: S-4
Chunk 245
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maker Financial and Valuation Analysis ”.

On January 9, 2025, representatives of Haymaker held a telephonic conference with representatives of SunTx to discuss legal structuring considerations of the potential business combination.

On January 16, 2025, representatives of DLA Piper LLP (US) (“DLA”), legal counsel to Haymaker, and representatives of Haynes and Boone, LLP (“Haynes Boone”), legal counsel to Suncrete, held a telephonic conference to discuss certain material terms of the letter of intent, including the payment of transaction expenses and the proposed allocation of the merger consideration to members of Suncrete.

On January 17, 2025, Mr. Bradley, on behalf of Haymaker, executed and delivered the non-binding letter of intent to Suncrete, which was accepted and agreed upon as of such date. The non-binding letter of intent was based on a pro forma enterprise valuation of Suncrete of approximately $933 million and provided for an exclusivity period until April 17, 2025. Following the execution of the letter of intent, Haymaker focused exclusively on pursuing the acquisition of Suncrete as its initial business combination and began confirmatory due diligence efforts. The letter of intent was countersigned by Suncrete on January 22, 2025.

By January 17, 2025, Haymaker had engaged in significant due diligence and detailed discussions directly with senior executives and/or shareholders of 58 target businesses, including target businesses in the media, consumer services, hospitality, technology, and industrial industries. Of those 58 target businesses, Haymaker executed two letters of intent (including Suncrete).

On January 21, 2025, and January 22, 2025, representatives of Haymaker visited Suncrete management in Dallas, TX, Tulsa, OK and Fayetteville, AR to discuss the potential business combination, perform on-site due diligence of Suncrete’s operations, and further discuss Suncrete’s financial model. This detailed, in-person conversation included subjects such as management’s experience acquiring and integrating acquisitions, various technologies deployed by Suncrete to manage its business, the composition of Suncrete’s financial staff, and the incentive structure for Suncrete employees. Also discussed were the ready-mix concrete industry, areas of trade and competitive positioning, points of differentiation between Suncrete’s business and competitors, and trading prices for Suncrete’s commodity aggregate supply inputs.

On various dates during the winter, spring, and summer of 2025, including January 15, January 16, February