425: Suncrete Expands Oklahoma Footprint with Schwarz Acquisition

Suncrete, a ready-mix concrete platform, completed the acquisition of Schwarz Ready Mix, significantly expanding its operations in the Oklahoma City metro area.

Summary

• Suncrete, operating as Concrete Partners Holding, LLC, acquired substantially all assets of SRM, Inc. (d.b.a. Schwarz Ready Mix), SRM Leasing, LLC, and all equity interests of Schwarz Sand, LLC (collectively, Schwarz).
• Schwarz operates a ready-mix concrete business in Oklahoma City, Oklahoma, and surrounding areas.
• The acquisition adds 20 ready-mix plants and over 100 mixer trucks to Suncrete's operations.
• More than 200 Schwarz employees will join Suncrete.
• Schwarz has a reputation of over 75 years of service in Oklahoma City.
• The acquisition is part of a broader business combination agreement between Haymaker Acquisition Corp. 4 and Suncrete, entered into on October 9, 2025.

Sentiment

Score: 8

Explanation: The filing announces a significant strategic acquisition that substantially expands Suncrete's operational capacity and market presence in a high-growth region. Management commentary is highly positive, emphasizing growth and strategic alignment. While standard forward-looking risks are noted, the immediate impact of the acquisition is presented as a strong positive for the company's expansion strategy.

Positives

• Significantly expands operations in the fast-growing Oklahoma City metro area.
• Strategically grows geographic footprint in Oklahoma.
• Scales business into new local markets and increases asset base for concrete production and delivery.
• Creates new incremental growth opportunities in surrounding markets.
• Aims to gain scale and grow in the highly fragmented ready-mix industry across the high-growth U.S. Sunbelt region.
• Positions Suncrete to benefit from ongoing population growth, urbanization trends, and infrastructure investment across the Sunbelt.

Risks

• Suncrete's ability to successfully integrate the Schwarz businesses.
• Disruption of management time from ongoing business operations due to the transaction.
• Incurrence of substantial transaction costs.
• Potential adverse effect on the ability of Suncrete or Schwarz to retain customers and key personnel.
• Potential adverse effect on the ability of Suncrete or Schwarz to maintain relationships with their respective suppliers and customers.
• Inability to achieve expected synergies or a longer-than-expected timeline to achieve those synergies.
• Additional risks not presently known or currently believed to be immaterial that could cause actual results to differ materially from forward-looking statements.

Future Outlook

Suncrete plans to continue its growth strategy by expanding geographic reach, scaling into new local markets, and increasing its asset base for concrete production and delivery, particularly across the high-growth Sunbelt region. The company anticipates benefiting from ongoing population growth, urbanization trends, and infrastructure investment. PubCo and Suncrete intend to file a Form S-4 registration statement, including a proxy statement/prospectus, with the SEC regarding the Business Combination, which will be followed by a Haymaker shareholder meeting to vote on the transaction.

Management Comments

• Randall Edgar, Suncrete's Chief Executive Officer, stated: "Today's acquisition significantly expands our operations in the fast-growing Oklahoma City metro area while strategically growing our geographic footprint in the state. With today's transaction, we immediately gain 20 ready-mix plants and more than 100 mixer trucks. We are pleased to welcome more than 200 Schwarz employees to Suncrete. The strong Schwarz reputation represents more than 75 years of service in Oklahoma City, and we greatly value their capabilities and local relationships with a customer-first focus in a dynamic and growing market."
• Edgar also commented: "This acquisition exemplifies our growth strategy to expand Suncrete's geographic reach, scale our business into new local markets and increase our asset base for the production and delivery of high-quality concrete. In addition, we believe this expansion creates new incremental growth opportunities in the surrounding markets. Through our differentiated strategy and company culture, extensive operational experience, technological sophistication, and customer focus, we believe Suncrete can continue to gain scale and grow in the highly fragmented ready-mix industry across the high-growth Sunbelt region of the United States."

Industry Context

The acquisition positions Suncrete to capitalize on the robust growth in the U.S. Sunbelt region, driven by population growth, urbanization, and significant infrastructure investments. The ready-mix concrete industry is described as highly fragmented, suggesting opportunities for consolidation and scale, which Suncrete aims to achieve through strategic acquisitions like Schwarz.

Stakeholder Impact

• Shareholders of Haymaker: Will vote on the Business Combination and receive PubCo securities.
• Employees: Over 200 Schwarz employees will join Suncrete, potentially impacting integration and corporate culture.
• Customers: Suncrete aims to maintain and grow customer relationships, leveraging Schwarz's 75-year reputation.
• Suppliers: Relationships with suppliers for both Suncrete and Schwarz may be impacted by the integration.

Next Steps

• PubCo and Suncrete intend to file a registration statement on Form S-4, including a proxy statement/prospectus, with the SEC regarding the Business Combination.
• Haymaker's shareholders will hold a meeting to vote on the Business Combination after the registration statement is declared effective.
• PubCo's securities will be issued in connection with the Business Combination.

Key Dates

Recommendation

The acquisition of Schwarz Ready Mix is a highly strategic move for Suncrete, significantly expanding its operational footprint with 20 plants and over 100 trucks in the fast-growing Oklahoma City market. This aligns perfectly with the company's stated strategy to consolidate in the fragmented ready-mix industry across the Sunbelt region, which benefits from strong demographic and infrastructure trends. The immediate increase in scale and market presence, coupled with the positive outlook from management, suggests strong future growth potential. While integration risks exist, the overall strategic fit and market opportunity make this a compelling growth story.

Keywords

Ready-mix concrete, Acquisition, Oklahoma City, Sunbelt, Construction materials, SPAC, Haymaker Acquisition Corp. 4, Suncrete, Schwarz Ready Mix, Infrastructure investment