Design Precast & Pipe, Inc.

Speakers: Ewing Gillaspy, Mark DeChant, Chris Fore, Pat Fore III Key Intelligence: • Valuation range anchored at 4.5–5.5x EBITDA — seller seeking 6x but fundamentals don't support it • PPP loan forgiveness identified as inflated income line: $1.8–2.6M removed from EBITDA calculation • $2M in loans on the books equals approximately one full year of EBITDA — major leverage risk • Owner dependency risk: two of three owners are also customers/contractors — revenue concentration • Short backlog and lack of formal outside sales team are negotiating levers to drive valuation down • Fee structure discussed: $50K retainer ($10K/month) applied toward 2.5% success fee at close • Earn-out / 51-49 structure recommended to retain seller motivation post-close • "Good cop / bad cop" strategy: Ewing plays hardball on valuation, Pat Fore closes the relationship Notable Quotes: Ewing Gillaspy: "We are good at making this guy feel like he's getting 6x but constructing a framework where you're only paying four and a half — very, very delicately done." Chris Fore: "What assurance do I get that you're going to fight and bring that dollar value down as low as possible instead of as high as possible?" Mark DeChant: "If we don't work hard enough to have it come in at the multiple and the overall deal that you like, then there's no deal and there's no 2.5% for us either." Pat Fore III: "If we can incorporate a company at a worst case scenario of five multiple — four and a half if you can get it — I feel like we've created equity for ourselves first day." Action Items: • Request bank-verified financials (not just seller's Excel) • Determine revenue share from owner-contractor relationship • Analyze accounts receivable aging — payment timeline lengthening • Chris and Pat to decide on deal structure within end of week / Monday

Speakers: Ewing Gillaspy, Chris Fore, Pat Fore III (in background) Key Intelligence: • Fee agreement finalized: 2% on the current deal in hand / 2.5% on new sourced targets • 90-day retainer structure with call option to extend • KK's Precast (Savannah, GA) — target has gone completely dark / ghosted all outreach • Old Castle / CRH sold a competitor plant — referenced as market comparable • Pipe plant addition: discussed as strategic differentiator for acquisition targets to layer in • Jones Capital / Duhan as a potential PE co-investor for larger deals (e.g., Texas market) • $1.85B Atlanta-area precast sale referenced as top-of-market comparable Notable Quotes: Chris Fore: "I'd rather the back and forth be handled by you. The heavier stuff with you to their accountants and whoever they deem." Ewing Gillaspy: "We're lean and mean. We're not staying at the Ritz." Action Items: • Lock in fee agreement in writing • Escalate Savannah outreach — find local contact to knock on KK's door • Evaluate pipe plant addition as deal sweetener for targets

Speakers: Mark DeChant Key Intelligence: • Call aborted due to tech/connectivity issues — rescheduled • Brief exchange with Jim about a contract matter (no material outcome) • Meeting rescheduled to Nov 25 for full target criteria review Action Items: • Reschedule target criteria review call

Speakers: Chris Fore, Ewing Gillaspy, Mark DeChant Key Intelligence: • 470 total targets identified (not yet including Tennessee); 530 precast companies total found, 88% with websites • Scoring system built from Chris's 31-company list — reverse-engineered ideal acquisition profile • Narrowing to 200 actionable targets; Savannah/Florida geography prioritized • KK's Precast still completely unresponsive — Ewing considering hiring someone locally to knock on the door • Bates (Savannah contact referred by Wayne) — confirmed as warm target; Chris has her number (Harry Bates) • Weekly cadence established: Friday summary + Monday plan of attack • Branding discussion: preference to rebrand acquired companies to Design Precast, but will retain local name if recognition is strong • Google Drive set up for client-facing document sharing Notable Quotes: Ewing Gillaspy: "We have 470 total targets identified. We found a reliable source for phone numbers. Now it's go time." Chris Fore: "I really love the Savannah and that port, that whole eastern United States is booming. Mass exodus — people moving out of Northeast down towards Florida, Georgia." Chris Fore: "I'd rather rebrand to Design Precast depending on what the branding and name recognition looks like. If it's really strong, we may keep it." Action Items: • Add Tennessee to target database • Chris to send Harry Bates contact info • Mark to begin weekly Friday/Monday reporting cadence • Share scoring criteria doc via Google Drive

Speakers: Ewing Gillaspy, Mark DeChant, Bob Palmer Key Intelligence: • Bob Palmer owns Georgia Concrete & Precast — underground drainage, sewer, stormwater products • GA / AL / TN market coverage; no pipe products • Company is only 18 months old — Bob says "too early to sell" • Bob is a small equity owner, does not need outside capital (funds growth internally) • Offered quarterly check-in calls — left door open for future conversation • Referral bonus mentioned as way to keep Bob engaged • Background: Bob worked at Foley Products / Old Castle for 20 years — strong industry pedigree Notable Quotes: Bob Palmer: "Just to be honest with you, we're just really getting going. We're 18 months in and I just don't think the timing is right." Ewing Gillaspy: "Totally understand. How about we keep the door open — quarterly check-in, and if you ever hear of anyone who might be a fit, there's a referral arrangement there too." Disposition: Not a near-term acquisition. Track for Q3 2026 re-engagement. Strong pedigree (Old Castle 20 years) means quality operator. Action Items: • Add to quarterly check-in calendar (Q1 2026 first check-in) • Log Bob Palmer contact: bob@gcprecast.com

Speakers: Ewing Gillaspy, Mark DeChant, Mark Fairman Key Intelligence: • SELLER READY — Mark Fairman (age 66.5) explicitly stated he is retiring • S-corp structure: Mark owns 76%, Greg Breeze owns 24% • Operations Manager Joe Blevins receiving 15–20% stake as transition incentive • Revenue: $4M / Net profit: $1.2M / 25 employees • Product: Architectural precast only — wet pour, no dry cast • Geography: NC / SC / VA base; 125 projects in 2025 • Notable work: Lowe's HQ (Mooresville, NC) • Prior valuation: $2M (considered low by Mark — believes it's worth more now) • Follow-up call with Greg Breeze (24% owner) scheduled Notable Quotes: Mark Fairman: "I'm 66 and a half. I'm ready to retire. The timing feels right for a conversation." Ewing Gillaspy: "With $1.2M in net profit on $4M revenue, that's a strong margin profile. The architectural work you're doing — Lowe's HQ — that's a trophy project." Disposition: HIGH PRIORITY — seller is ready, motivated, and well-run. Does not fit the precast pipe manufacturing profile exactly (architectural only, no drainage/sewer), but architectural capability could be a strategic add. Needs fit assessment with Pat Fore. Action Items: • Schedule follow-up with Greg Breeze (24% partner) • Assess fit: does architectural precast complement Design Precast's infrastructure focus? • Request financials from Mark Fairman

Speakers: Mark DeChant, Ewing Gillaspy, Chris Fore Key Intelligence: • Pipeline status: 49 targets actively managed — 14 in progress or DQ'd, 35 in outreach rotation • TOP TWO DEALS: Triple M and Jarrett Concrete Products — Triple M: NDA signed, financials received, valuation analysis in progress (expected by Christmas) — Jarrett (Travis Jarrett): NDA signed, CPA loop established; anchored at 5–5.5x; knows the Fores personally • American Free Cast (Chip McGahey): expressed interest in group call with ownership team; no NDA yet • Alan Lee's group (Lee Precast): two of three family members contacted cold; Alan Lee most engaged but junior; drive-by visit being planned • Southern Precast (Jacksonville): wife of owner said he's been "thinking about it" and specifically noted it's NOT a PE group — positive signal • Barger Precast (Kingston/Knoxville): $32M revenue, 25% margins, ~$8M EBITDA — owner just bought from dad 1.5 years ago; wants 9x; too big / too early • All Creek / Crete: PE-backed, $76M raised, 7 locations, 150 employees — flipped the script and wants to acquire Design Precast; DQ'd • Geographic expansion: TX, SC, NC in discussion; Jones Capital as potential PE partner for TX • Multi-channel outreach: calls, texts, rotating phone numbers, personalized emails after every call • PE-backed companies seeking high valuations identified as a challenge across the market Notable Quotes: Ewing Gillaspy: "Triple M, actually — they already sent their docs back. We're going to have the analysis done before Christmas." Chris Fore: "Triple M and Jarrett are the top four. They're right." Mark DeChant: "We've got the documentation from Triple M, and we expect to get that from Jarrett pretty soon as well." Ewing Gillaspy: "We have 49 targets, right? I could call every single one of them by lunch, but if I've called them already the day before, we do the rotation." Action Items: • Complete Triple M valuation analysis (deadline: Christmas) • Get Jarrett financials through CPA loop • Schedule American Free Cast group call • Plan drive-by to Lee Precast (post-January 10 when Alan returns) • Evaluate Jones Capital conversation timing

Speakers: Ewing Gillaspy, Chris Fore, Pat Fore III, Michael (owner — The Precast Group, Meridian, MS) Key Intelligence: • NOTE: This is "The Precast Group" in Meridian, MS — NOT to be confused with "The Precast Company" (Houston, TX) on the acquisition target list • Michael started ~10 years ago from mobile home industry, no concrete background — learned from Billy Delzado • Product mix: septic tanks (bread and butter), manholes, inlet boxes, storm shelters, retaining wall, agricultural (cattle trials, water trials) • 40-acre property (county zoning — no restrictions); Michael's house on-site; 18–20 acres developable • Dirt pad already prepped on north side of building — ready to double plant footprint • 12 employees; 13–14 yards of concrete poured daily; Delzado volumetric mixer on-site • 2 x 10-ton overhead cranes; 3rd crane just ordered (9-week lead time) — planning new building • Revenue from storm shelters is event-driven — can sell 100 in two months post-storm; 700–800 septic tanks/year • Health/stress driving sale consideration: Michael, age 51, has had a pacemaker since age 21; COVID labor losses never recovered; "I used to love this business" • Son (age 16) works there but likely wants to leave Meridian — not planning to stay • Billy Delzado connection: both sides know him — strong trust bridge; recommend calling Billy as reference • Site visit planned: 2nd or 3rd week of January (midweek preferred); Ewing to coordinate • Drone footage of property available — Michael to send • EBITDA: Ewing stated "right under that million dollar range for now" when introducing to Chris Notable Quotes: Michael: "I'm 51 years old. I have a pacemaker. In the last four to five years — the change of employees, the way this stuff goes — it's been so much more stress that it has affected me. I want to move forward, but from a health standpoint, I don't know that that's the best option." Chris Fore: "You built a nice business. Looking at the property — you've got the room to expand and do other stuff." Pat Fore III: "We certainly understand [labor challenges]. We had 250 men come through the door in four to five months and only about 40 stuck." Michael: "I've always been — if you ain't growing, you're dying. But I've been sitting too stagnant for a little bit too long." Pat Fore III: "We would probably want you to stay on for a while to just help us oversee it." Action Items: • Ewing to schedule January site visit (2nd or 3rd week, Tuesday–Thursday) • Michael to send drone footage • Call Billy Delzado as reference check on Michael • Assess EBITDA more precisely — stated "just under $1M" but needs verification • Discuss two-year transition / stay-on arrangement