Suncrete to go public on NYSE through $200m SPAC merger with Haymaker Acquisition Corp 4

SunTx Capital Partners’ portfolio company Suncrete has unveiled plans to go public through a proposed business combination with Haymaker Acquisition Corp 4 (NASDAQ: HYAC), a $200 million special purpose acquisition company. The transaction, once complete, will position Suncrete for listing on the New York Stock Exchange (NYSE)—a strategic milestone for the Dallas-based ready-mix concrete and infrastructure materials platform as it accelerates its U.S. expansion ambitions.

The proposed merger underscores renewed investor attention toward industrial and infrastructure-focused SPACs, even as the broader SPAC market recalibrates from its pandemic-era highs. If approved, the transaction will deliver Suncrete the liquidity and market access typically afforded by a traditional initial public offering, while Haymaker 4 fulfills its mandate to combine with a growth-stage enterprise before its charter expiration deadline in July 2025.

According to SunTx Capital Partners, the deal aims to strengthen Suncrete’s capital structure and facilitate bolt-on acquisitions across the Sunbelt, where construction activity continues to outpace the national average. The parties plan to file a Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with the proposed business combination, containing a joint proxy statement/prospectus to be mailed to Haymaker shareholders prior to a vote on the merger.

Why Suncrete’s SPAC pathway highlights growing investor interest in asset-backed infrastructure deals

Suncrete’s decision to pursue a SPAC route reflects a broader investor shift toward hard-asset-backed platforms—companies whose revenues are tied to tangible goods and infrastructure rather than intangible digital products. Founded and managed under SunTx Capital Partners’ private equity stewardship, Suncrete has grown into a vertically integrated operator across the concrete production and delivery ecosystem, serving municipalities, commercial contractors, and infrastructure developers.

The company’s business model combines ready-mix concrete production with logistics, delivery, and site-level services, offering greater operational control and pricing flexibility. Its portfolio spans multiple U.S. states within the Sunbelt region, an area experiencing robust infrastructure spending driven by federal stimulus programs, population inflows, and manufacturing reshoring projects.

Industry observers have noted that Suncrete’s expansion comes at a time when demand for sustainable and high-performance building materials is reshaping how traditional suppliers position themselves in the public markets. By accessing capital through the SPAC process, Suncrete can accelerate its rollout of efficiency technologies, expand its distribution network, and modernize plant operations without the delays typically associated with multi-stage private funding rounds.

The move also signals a broader vote of confidence in the U.S. construction ecosystem. According to U.S. Census Bureau data, total construction spending has surpassed $2 trillion annually for the first time in 2025, with infrastructure and energy-related projects comprising a rising share. Suncrete’s SPAC debut, therefore, aligns with a macro trend where industrial materials firms are transitioning from private equity ownership to public market participation to capture long-term growth momentum.

How Haymaker 4’s timing and structure could influence the merger’s success on Wall Street

Haymaker Acquisition Corp 4 represents the fourth iteration in a series of blank-check companies sponsored by Christopher Bradley and Andrew Heyer, seasoned executives known for consumer-sector dealmaking. Haymaker 4 raised $200 million through its IPO by offering 20 million units at $10 each, with each unit comprising one Class A share and one-half of a redeemable warrant.

While Haymaker’s earlier vehicles targeted hospitality, food, and consumer services, its latest SPAC demonstrates a flexible investment charter that allows combinations outside those verticals. By partnering with Suncrete—a business rooted in the infrastructure supply chain—Haymaker 4 diversifies its track record into an industry characterized by stable cash flows, regional demand insulation, and long-cycle contracts.

The merger, however, comes amid heightened regulatory scrutiny. The SEC’s final SPAC rule, which took effect in 2024, requires enhanced disclosure on projections and sponsor compensation. The forthcoming Form S-4 will therefore serve as a critical determinant of investor sentiment once filed, particularly in articulating the combined company’s pro forma valuation, cash position, and forward EBITDA assumptions.

Timing will also play a decisive role. Haymaker 4’s charter stipulates an acquisition deadline of July 28, 2025, meaning it must either consummate the Suncrete transaction or seek an extension vote from shareholders. High redemption rates could further challenge the deal’s funding base if investors opt to withdraw capital rather than roll into the combined entity. Analysts tracking recent SPAC completions note that successful closings increasingly hinge on concurrent PIPE (private investment in public equity) financings or backstop commitments—tools that may prove essential if redemptions exceed forecast thresholds.

What potential benefits Suncrete could unlock from its public market transition through Haymaker 4

For Suncrete, a successful listing would mark a transformative leap in its corporate evolution. The infusion of public capital could support fleet modernization, regional acquisitions, and investments in lower-carbon concrete formulations—a growing focus within the materials industry. Going public also offers reputational advantages, positioning Suncrete as a credible counterpart in large-scale infrastructure tenders requiring strong financial disclosure and governance standards.

Market analysts suggest that public visibility could open doors to long-term institutional investors seeking exposure to U.S. infrastructure growth. Pension funds, sovereign wealth entities, and ESG-themed funds have increasingly favored companies aligned with urban development, energy-efficient materials, and sustainable logistics chains—all areas where Suncrete’s business model intersects.

Nevertheless, post-SPAC integration risks persist. Many de-SPACed companies have underperformed due to over-ambitious projections, limited analyst coverage, or execution gaps post-merger. Suncrete’s challenge will be to translate its regional success and operational scale into predictable, margin-accretive public earnings while navigating cost volatility in cement, aggregates, and fuel.

Should the merger close on schedule and the new entity meet NYSE listing requirements, Suncrete would join a small but growing roster of industrial SPACs focused on infrastructure resilience—a theme increasingly favored by policymakers and investors amid rising urbanization and climate-adaptation spending.

How market sentiment toward industrial SPACs and Suncrete’s sector positioning could evolve in 2026

The SPAC market’s trajectory has normalized after its 2021 boom, with investors becoming more selective and emphasizing tangible value creation over speculative growth narratives. Against this backdrop, Suncrete’s fundamentals—backed by physical assets and recurring demand—could appeal to value-driven institutional investors seeking inflation-resilient exposure.

Market sentiment surrounding the deal will likely depend on several interlinked factors: Haymaker 4’s ability to minimize redemptions, Suncrete’s post-merger governance framework, and the combined company’s ability to generate consistent free cash flow. If these metrics align, the merger could reinforce the case for industrial SPACs as viable public-market entry vehicles for mid-market manufacturers and logistics operators.

As of October 2025, Haymaker 4 trades near its trust value, implying investor caution but not outright pessimism. That neutrality offers an opportunity for Suncrete’s management to differentiate the merger through disciplined valuation and transparent communication with the market.

If successfully executed, the transaction could re-energize capital-market interest in U.S. infrastructure platforms, reaffirming SunTx Capital Partners’ strategy of developing scalable, operationally intensive businesses capable of thriving in the public domain. It could also enhance investor visibility into the long-term economic multiplier effects of modern concrete infrastructure—ranging from regional employment creation and logistics efficiency to sustainability-linked construction practices.

In an environment where public equity investors increasingly prize asset tangibility and predictable returns, Suncrete’s listing could emerge as a benchmark for the next generation of industrial SPACs that bridge private equity discipline with public market transparency. The company’s success—or struggle—will serve as a bellwether for whether Wall Street’s appetite for construction and infrastructure assets can evolve beyond cyclical interest toward sustained allocation.