Haymaker Acquisition III in a regulatory filing included an analyst presentation highlighting its proposed merger with Biote Holdings, a medical practice-building business within the hormone optimization space.
The combined company has an implied equity value of $737 million. If approved, Biote is expected to list on the Nasdaq under BTMD.
The combined company is projected to have approximately $195 million in cash on its balance sheet at closing, after the payment of transaction expenses and distributions to Biote members, derived from $317.5 million of cash held in Haymaker’s trust (assuming no redemptions), the proceeds of a debt financing, and expected balance sheet cash at closing.
As part of the transaction, Biote’s current management and existing equity holders will roll the majority of their equity into the combined company. Assuming no public stockholders of Haymaker exercise their redemption rights, ownership of the combined company is expected to be comprised of current Biote equity holders at 48% and Haymaker stockholders (including its sponsor) with 52%, excluding the impact of deferred equity held by Biote members and Haymaker Sponsor III. Read more.
