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SunTx Capital Partners' Portfolio Company, Suncrete, to Pursue Listing on the New York Stock Exchange through a Proposed Business Combination with Haymaker Acquisition Corp. 4
Prnewswireยท 2025-10-09 23:49
Core Viewpoint - SunTx Capital Partners and Haymaker Acquisition Corp. 4 announced a business combination that will lead to the public listing of Concrete Partners Holding, LLC (Suncrete) on the New York Stock Exchange, expected to close in Q1 2026 [1][3][6] Company Overview - Suncrete operates as a ready-mix concrete logistics and distribution platform, primarily in Oklahoma and Arkansas, with plans for expansion throughout the U.S. Sunbelt region [4][8] - The company has established high-quality concrete plants and tech-enabled mixer trucks, positioning itself as a mission-critical partner in the construction value chain [4][8] Financial Highlights - The pro forma enterprise value of the combined company (PubCo) is estimated at approximately $972.6 million, based on an estimated $11.37 in trust per share at the closing of the business combination [4][6] - Suncrete has secured commitments of $82.5 million from institutional investors through a common stock private placement to support its growth objectives [3][4] Growth Strategy - Suncrete aims to expand its market share through a combination of organic growth and strategic acquisitions, targeting the fragmented ready-mix concrete industry, which consists of over 3,000 concrete plants in the Sunbelt region [4][5] - The company is focused on serving infrastructure, commercial, and residential end markets, leveraging its operational expertise to maintain industry-leading profitability and cash conversion [4][5] Management Insights - The leadership team at Suncrete has achieved over 20% annual growth since its inception in 2008 by executing a scalable strategy of increasing local market share and entering new markets [3][5] - The partnership with Haymaker is viewed as a strategic advantage, providing a sophisticated and experienced collaboration to enhance growth potential [3][5] Transaction Details - The business combination has been approved by the boards of both companies and is subject to shareholder approval and customary closing conditions [6] - The transaction is expected to be completed in the first quarter of 2026, marking a significant milestone for Suncrete as it transitions to a publicly traded entity [6]