SPACInsider Teamshares and Live Oak V (LOKV) on Building a Programmatic M&A Platform
Jan 29, 2026
Rick Hendrix (Live Oak V CEO) and Adam Fishman (Live Oak V CFO) bring SPAC capital-markets and valuation chops. Michael Brown (Teamshares CEO) runs a programmatic M&A platform buying EBITDA-positive small businesses. They discuss scaling repeatable acquisitions, diligence and software to cut costs, leverage and capital allocation, PIPE construction, valuation comps, and using public markets to access cheaper debt.
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From $2.5M To Six Acquisitions
- The founders raised $2.5M of friends and family capital and closed six acquisitions with minimal fees.
- Their first deal cost ~$100k in transaction fees, but later deals cost as little as $10k after process improvements.
Data From Scale Improves Underwriting
- Operating many acquisitions generates a vast dataset from monthly financials and KPIs across industries.
- That data sharpens underwriting and informs pricing across ~3,000 businesses reviewed yearly.
Public Plan From Day One
- TeamShares planned to be public from inception to access bond markets and finance acquisition flow.
- SPAC route lets them publish forecasts and stand behind multi-year projections as an EBITDA-positive operator.