Teamshares Completes Merger with Live Oak SPAC, Securing $126.5 Million in Capital

NEW YORK – Teamshares Inc., a financial technology company that acquires small businesses from retiring owners, announced on June 19, 2026, that it has completed its business combination with Live Oak Acquisition Corp. V, a special purpose acquisition company (SPAC). The deal, which received approval from Live Oak shareholders on June 16, provides Teamshares with significant new capital to accelerate its growth and prepares it to become a publicly listed company on the Nasdaq exchange.

In conjunction with the closing of the merger, Teamshares also secured $126.5 million in a concurrent private investment in public equity (PIPE) financing round. According to a company press release, the funding came from a group of institutional investors and members of Teamshares' own management team. The transaction represents a major milestone for the firm, which focuses on transitioning ownership of small and mid-sized enterprises to their employees over time.

For many small business owners, this deal highlights the expanding universe of exit strategies beyond a simple sale to a competitor or a traditional private equity firm. In our experience, owners are increasingly seeking succession plans that preserve their company's legacy and reward the employees who helped build it. The Teamshares model, which leverages a public market vehicle to fund employee ownership transitions, is an innovative approach, but it also introduces complexities that require careful navigation. Preparing a business for such a transaction, whether as a seller or as part of a larger platform, demands a sophisticated understanding of valuation, due diligence, and deal structure. This is precisely where specialized advisory on capital raising and investor strategy becomes critical. C&S Finance Group LLC works with business owners to assess these non-traditional exit paths and ensure their financial and operational house is in order to maximize value. To understand how to prepare your business for its next chapter, contact us at csfinancegroup.com.

The business combination was first announced on November 14, 2025, with the stated goal of accelerating Teamshares’ growth as a public company. The transaction valued the combined entity at a pro forma enterprise value of $746 million, according to the initial announcement. The proceeds are earmarked to fund the acquisition of new operating subsidiaries, directly fueling the company's core business model. The PIPE financing was notably anchored by accounts advised by T. Rowe Price Investment Management, Inc., signaling strong institutional confidence in the company's strategy and future prospects.

Live Oak Acquisition Corp. V is a special purpose acquisition company, or SPAC, sponsored by Live Oak Merchant Partners. A SPAC is a shell company that raises capital through an initial public offering for the sole purpose of acquiring or merging with an existing private company, thereby taking it public. This was the fifth such vehicle for Live Oak, an experienced sponsor with a track record of successful combinations. The legal advisors on the transaction included Latham & Watkins LLP for Teamshares and Ellenoff Grossman & Schole LLP for Live Oak.

Founded in 2019, Teamshares has developed a unique, tech-enabled platform for acquiring American small businesses, typically those with an EBITDA between $500,000 and $5 million. The company targets retiring owners who are looking for a succession plan that avoids shutting down or selling to a larger consolidator. After an acquisition, Teamshares integrates the new subsidiary onto its platform and facilitates a program where employees can gradually earn company stock, aiming for majority employee ownership over the long term. The company currently operates subsidiaries with a combined consolidated revenue of $490 million, spanning more than 40 industries across 30 states.

Teamshares demonstrated significant momentum in the lead-up to the merger's completion. In a business update filed with the Securities and Exchange Commission on January 20, 2026, the company reported it had acquired four new businesses in the fourth quarter of 2025 alone. These acquisitions added a combined total of over $15 million in last-twelve-month EBITDA. At the time, Richard Hendrix, Chairman and CEO of Live Oak V, praised the results, stating they “underscore the company’s execution prowess, capital allocation discipline, and public market readiness.”

The completion of this deal offers a potentially powerful new liquidity option for thousands of small business owners across the country facing retirement. As the baby boomer generation continues to exit the workforce, the market for small business succession is substantial. Models like Teamshares provide an alternative to traditional M&A that can preserve local jobs and a company's independent identity, which is often a primary concern for founders.

With the transaction now complete, the combined company will operate as Teamshares Inc. and is expected to begin trading on the Nasdaq stock exchange under the ticker symbol “TMS.” Investors and small business owners will be closely watching how Teamshares deploys its new capital and whether its performance as a public company can validate this innovative approach to solving the small business succession crisis at scale.