TeamShares and Live Oak Acquisition Corp. V complete merger

TeamShares Inc. and Live Oak Acquisition Corp. V (NASDAQ: LOKV) have completed their business combination, forming a publicly traded entity with a pro forma enterprise value of $746 million (pre-money equity value of $525 million). The merger, which was announced in November 2025, provides TeamShares with up to $333 million in net proceeds, including a $126 million common equity PIPE led by accounts advised by T. Rowe Price Investment Management, Inc. The transaction is 100% primary, with proceeds intended to fund new acquisitions and drive compounding growth.

TeamShares, a tech-enabled acquirer of small-to-medium enterprises (SMEs), programmatically acquires businesses with $0.5 to $5 million of EBITDA from retiring owners and integrates them into its platform. In the fourth quarter of 2025, the company acquired four businesses with combined EBITDA exceeding $15 million, aligning with its annual forecast of $35 to $40 million in acquired EBITDA for 2026. The average EBITDA multiple for these acquisitions was approximately 5.3x LTM EBITDA, plus performance-based earnouts.

The combined company will operate as a diversified holding company with over 90 subsidiaries across 40 industries and consolidated revenue exceeding $400 million. The merger is expected to enhance TeamShares’ ability to scale its acquisition-based model, leveraging public market capital access to address the large market of family-owned SMEs seeking succession solutions.

The transaction was approved by Live Oak V shareholders and is subject to customary closing conditions, including regulatory approvals and SEC review of the registration statement on Form S-4. The combined entity is anticipated to list on Nasdaq in Q2 2026.