Teamshares, a fast-growing buyer of small and mid-sized U.S. businesses, is set to go public via a $746 million SPAC merger with Live Oak Acquisition Corp, backed by funds advised by T. Rowe Price.
This marks another sign that SPACs are officially back in 2025, with major institutional investors returning to the structure after years of dormancy.
🔍 Why Teamshares Matters
Teamshares operates like a hybrid:
- Part fintech, using technology to streamline SME ownership transitions
- Part holding company, with subsidiaries generating $400M+ in consolidated revenue
- Active across 40 industries and 30 U.S. states
Its mission addresses a massive shift:
3 million U.S. companies have owners aged 55+ and are likely to require a sale in the next decade, as family succession becomes increasingly rare.
💰 Deal Breakdown
- Total transaction value: $746M
- Expected proceeds: Up to $333M
- including $126M PIPE led by T. Rowe Price
- plus cash in the SPAC trust
- Existing investors include Khosla Ventures, USV, QED Investors, Slow Ventures, Inspired Capital, Spark Capital
- New ticker: TMS (Nasdaq)
CEO Michael Brown highlights a key insight:
“DeSPACs with at least $25M EBITDA perform about the same as traditional IPOs — predictable earnings make the SPAC route a strong alternative.”
🧭 Strategic Implications
Post-listing, Teamshares plans to:
- Accelerate acquisitions of founder-led SMEs
- Scale its technology platform
- Reinforce its “flywheel” of buying, integrating, and modernizing small businesses
The deal underscores a broader trend: institutional capital is returning to SPACs, but selectively — focusing on companies with real revenue, real EBITDA, and long-term consolidation potential.