Suncrete, Inc. · NASDAQ:RMIX
Suncrete — SPAC Merger (October 2025)
40 slides from Suncrete's SPAC merger presentation, Oct 10, 2025
Slide 1: Investor Presentation Fall 2025: A Pure-Play Ready-Mix Concrete Platform
Investor Presentation Fall 2025 A Pure-Play Ready-Mix Concrete Platform Supplying the High Growth U.S. Sunbelt
Slide 2: Disclaimer
Disclaimer 1 This presentation (including any accompanying oral presentation, this “Presentation”) is being furnished solely to recipients that are “qualified institutional buyers” as defined in Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), or institutional “accredited
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) 2 Company could incur material costs and losses as a result of claims that the Company’s products do not meet regulatory requirements or contractual specifications; (xl) environmental laws and regulations and any changes to, or liabilities arising under, such laws and regulations
Slide 4: Disclaimer (Cont'd)
Disclaimer (Cont’d) 3 Neither Haymaker nor the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. Nothing contained herein or in any oth
Slide 5: Today's Speakers
Today’s Speakers 4 Randall Edgar Chief Executive Officer Tommy Wentroth Chief Financial Officer Andrew Heyer Haymaker Acquisition Corp. 4 Christopher Bradley Haymaker Acquisition Corp. 4 Steven Heyer Haymaker Acquisition Corp. 4 Ned Fleming Founding Partner Mark Matteson Founding Partner Calvin Boca
Slide 6: Table of Contents
Introduction 6 Key Investment Highlights 13 Financial Overview 26 Valuation Overview 30 Appendix 35 Table of Contents 5
Slide 7: Introduction
6 Introduction
Slide 8: Suncrete Checks All the Boxes for Haymaker's Investment Thesis
Suncrete Checks All the Boxes for Haymaker’s Investment Thesis 7 Investment Criteria Scaled, decentralized services and products business Suncrete is a tech-enabled logistics and products platform creating value in a mission critical segment of the construction supply chain, already generating signi
Slide 9: Suncrete / Haymaker Business Combination – Transaction Overview
Estimated Uses ($M) Suncrete Equity Value $325.3 Acquisitions(2) 212.0 Cash to Balance Sheet 98.9 Senior Preferred Equity Repayment 26.0 Debt Rollover 206.0 Warrant Tender(3) 5.8 Est. Fees and Expenses 35.0 Total $909.0 Suncrete / Haymaker Business Combination – Transaction Overview 8 • Existing Sun
Slide 10: Executive Summary
Executive Summary 9 • SunTx Capital Partners (“SunTx”) is excited to partner with Haymaker Acquisition Corp. 4 (“Haymaker”) to bring Concrete Partners Holding, LLC (“Suncrete” or the “Company”) to the public markets • Suncrete is a scalable tech-enabled logistics and products platform operating in a
Slide 11: About Suncrete
10 $583M 2026E PF Revenue(1) $130M 2026E PF Adj. EBITDA(2,3) ~86% 2026E Free Cash Flow Conversion(3,5) 3.0–3.5 Yards Delivered Per Driver Hour $27M PF Adj. EBITDA Currently Under Non-Binding LOI(6) $102M+ PF EBITDA in M&A Pipeline under Active Discussion(8) 4–6x Targeted Acquisition Multiple 11% Hig
Slide 12: Visibility to $130 Million PF Adj. EBITDA in 2026
$34 $48 $49 $51 $20 $19 $25 $27 $31 $36 $15 2023A 2024A 2025E 2026E Visibility to $130 Million PF Adj. EBITDA in 2026 11 Note: Adj. EBITDA is a non-GAAP financial measure. See discussion and reconciliation in the appendix for additional information. 1. For illustrative purposes only, assuming yards
Slide 13: Key Investment Highlights
Experienced Sponsor Applying a Proven Playbook in an Adjacent Market, Cultivated over 20+ Years of ROAD Investment Scalable Platform with Strong Operations & Infrastructure, Management and Considerable Competitive Advantages Critical Commercial Partner with Differentiated Value Proposition to Suppli
Slide 14: Key Investment Highlights
13 Key Investment Highlights
Slide 15: Attractive Market Characteristics Drive Compelling Opportunity
✓Market is served by local, sub-scale players and unfocused operations of upstream-centric strategics ✓Typical competitors are not optimized, lacking professionalized infrastructure and focused strategy Attractive Market Characteristics Drive Compelling Opportunity… 14 Source: Proprietary management
Slide 16: Suncrete Well-Positioned to Drive Strategic Consolidation
Local Platforms …with Suncrete Well-Positioned to Drive Strategic Consolidation 15 Uniquely Positioned Through Relationships, Track-Record and Value Proposition Limited Competition for Acquisition Targets Suncrete Demand aggregation & utilization uplift Shared infrastructure & support Strategic over
Slide 17: Experienced Sponsor Applying a Proven Playbook
Experienced Sponsor Applying a Proven Playbook 16 Note: Trading statistics are from Capital IQ as of 10/1/2025. Note: Best-in-class Heavy Material peers index includes Martin Marietta, Eagle Materials, Vulcan Materials and Summit Materials. 1. Past performance is not an indication as to future resul
Slide 18: Scalable Initial Platform with Strong Operations & Infrastructure
Scalable Initial Platform with Strong Operations & Infrastructure… 17 Note: Figures inclusive of target under non-binding LOI. 1. 2026E. 2. Based on number of plants in the Tulsa and Northwest Arkansas markets per management estimates. Technology Integrated, tech-enabled platform across the full pro
Slide 19: Led by Proven Industry Veterans and Entrepreneurial Culture
…Led by Proven Industry Veterans and Entrepreneurial Culture… 18 Executive Leadership Deep Bench of Operational Talent 1 2 3 Platform Advantages 4 5 6 Mark Jones President Blake Meeker Vice President Robert Cole Executive Vice President Randall Edgar Chief Executive Officer Tommy Wentroth Chief Fina
Slide 20: Driving Significant Advantages over Typical Competitors
…Driving Significant Advantages over Typical Competitors 19 Typical Competitor Company Scale & Market Leadership #1 or #2 player in current markets(1) with repeatable strategy to drive relative market leadership in new geographies Limited; one of many Supplier Relationships Price-makers: Entrenched,
Slide 21: Differentiated Value Proposition to Suppliers and Customers
Differentiated Value Proposition to Suppliers and Customers 20 Value Proposition to Suppliers Value Proposition to Customers High-Quality Customer Service Delivering ready-mix on time and on-spec, fostering long-term loyalty Dependable Quality Offers a comprehensive suite of fully customizable solut
Slide 22: Attractive Dynamics in Initial Oklahoma and Arkansas Footprint
(Covid Impact) Attractive Dynamics in Initial Oklahoma and Arkansas Footprint 21 Source: U.S. Census Bureau; FRED; Bureau of Economic Analysis; ARBTA; ConstructConnect. Note: “NM” represents figure <0. 1. Representative of Tulsa metropolitan statistical area (“MSA”). Strong Momentum in Construction
Slide 23: Growing U.S. Sunbelt Market Supported by Strong Tailwinds
Growing U.S. Sunbelt Market Supported by Strong Tailwinds 22 Source: U.S. Census Bureau; FRED; Whitehouse publications. 1. “South” reflective of U.S. South Census Region. 2. Apportionments as of FY 2022-FY 2023 for Federal-Aid Highway and Bridge Programs funds in 2021 Infrastructure Investment and J
Slide 24: Acquiror of Choice with Deep, Actionable Pipeline
Acquiror of Choice with Deep, Actionable Pipeline 23 1. Based on % of estimated revenue. 2. Represents the percentage of revenue from acquisition targets by primary state served or location of its headquarters. 3. Represents trailing estimates related to (i) a target under non-binding LOI and (ii) a
Slide 25: Well-Defined Value Creation Levers Post-Acquisition
Well-Defined Value Creation Levers Post-Acquisition… 24 1 2 3 4 5 6 Acquiror of Choice Technology & Backoffice Integration → Integration of operations-enhancing technology including live monitoring, central dispatching & scheduling and quality control → Professionalized backoffice across functional
Slide 26: Driving Meaningful Results: Acquisition of SMG OK Assets
…That are Driving Meaningful Results: Acquisition of SMG OK Assets 25 Source: Management estimates; Oklahoma Ready Mixed Concrete Association. 1. Represents Eagle’s 2024 Adj. EBITDA per yard. 2. Management estimate. 1 2 3 4 5 6 Acquiror of Choice Market Expansion Blueprint: An Integrated and Repeata
Slide 27: Financial Overview
yn Suncrete- Financial Overview
Slide 28: Key Financial Assumptions
Key Financial Assumptions 27 Revenue Growth Expense Summary Free Cash Flow CapEx COGS OpEx • Organic growth in 2025 constitutes year-over-year changes in the initial platform (inclusive of Eagle Redi-mix and Target Under Non-Binding LOI), while 2026 organic growth also encompasses revenue growth for
Slide 29: Topline Growth and Margins
Topline Growth • Impressive initial platform (inclusive of target under non-binding LOI) organic revenue growth in the historical and projected periods, with an organic growth CAGR of ~9% from 2023–2026E • Meaningful revenue contribution from acquired businesses in 2025E (~37% of sales(2)), with dim
Slide 30: Summary of Capital Expenditures
Summary of Capital Expenditures 29 Source: Quality of Earnings, Company Financials. 1. Free cash flow = PF Adj. EBITDA less maintenance CapEx. Conversion = FCF / PF Adj. EBITDA. Adj. EBITDA is a non-GAAP financial measure. See discussion and reconciliation in the appendix for additional information.
Slide 31: Valuation Overview
30 Valuation Overview
Slide 32: Selected Public Companies Benchmarking
22.3% 10.3% 31.0% 86.1% 88.6% 64.5% Selected Public Companies Benchmarking 31 Select Companies Description Assessing Comparability ✓ Similar products, end-markets & customers ✓ Similar secular tailwinds × Upstream-focused operations × More competitive M&A dynamics (aggregates) × Broad geographic foc
Slide 33: Selected Public Companies Benchmarking | Profitability
22.3% 35.1% 33.8% 31.0% 20.5% 17.0% 14.4% 10.3% 9.3% 2026E EBITDA Margin 2026E FCF Conversion Selected Public Companies Benchmarking | Profitability 32 Median: 10.3% Median: 31.0% Median: 88.6% Median: 64.5% (2,3) Note: Represents calendar year financials. Selected public companies are based on mana
Slide 34: Selected Public Companies Benchmarking | Growth
6.4% 8.5% 7.3% 6.2% 5.2% 3.3% 18.1% 12.8% 10.0% 4.9% 2026E EBITDA Growth 2026E Revenue Growth Selected Public Companies Benchmarking | Growth 33 Median: 10.0% Median: 6.2% Median: 10.8% Median: 10.6% 23.9% Note: Represents calendar year financials. Selected public companies are based on management’s
Slide 35: Selected Public Companies Benchmarking | Valuation
TEV / 2026E FCF TEV / 2026E EBITDA Selected Public Companies Benchmarking | Valuation 34 Note: Represents calendar year financials. Selected public companies are based on management’s judgment and may not be fully comparable to Suncrete. Suncrete financials are inclusive of the PF impact of the targ
Slide 36: Appendix
35 Appendix
Slide 37: Reconciliation of 2023A – 2026E Adjusted EBITDA
Eagle Target Under Non-Binding LOI PF Consolidated Eagle Target Under Non-Binding LOI PF Consolidated PF Consolidated PF Consolidated 2023A 2023A 2023A 2024A 2024A 2024A 2025E 2026E Net Income $27.0 $15.6 $42.5 $29.0 $13.2 $42.2 $28.6 $20.9 (+) Interest 0.9 - 0.9 6.1 - 6.1 12.1 14.0 (+) Taxes - - -
Slide 38: Risk Factors
Risk Factors 37 Risks Related to Suncrete’s Business and Industry • Our business depends on activity within the construction industry and the economic strength of our principal markets, and is subject to economic cycles. • The success of our business depends, significantly, on our ability to execute
Slide 39: Risk Factors (Cont'd)
Risk Factors (Cont’d) 38 Risks Related to Government Spending, Legislative and Regulatory Risks • Our operations are subject to changes in legal requirements and governmental policies. • Government contracts generally are subject to a variety of regulations, requirements and statutes, the violation
Slide 40: Risk Factors (Cont'd)
Risk Factors (Cont’d) 39 • You will not have any rights or interests in funds from the trust account, except under certain limited circumstances to liquidate your investment, therefore, you may be forced to sell your Haymaker Class A ordinary shares potentially at a loss. • Haymaker may not be able
Concrete Partners Holding, LLC (Suncrete) — SPAC Merger (October 2025) on 6ix