Top 3 SPAC Targets – Serial Acquirers
While SPAC capital has been pouring into specific sectors over the past year with clear favorites like quantum computing and nuclear power, there has been another less obvious target profile that has met with notable success.
Among the 14 best performers among de-SPACs that closed their business combinations since January 1, 2025, four are companies focused on aggressive M&A strategies. Of these, two are serial acquirers that built their whole businesses around that constant inorganic expansion approach.
Suncrete (NASDAQ:RMIX) closed its combination with Haymaker 4 in April and its shares now trade the third-highest among deals completed since the start of 2025, last closing at $18.91. Its business model is focused on consolidating the fragmented concrete mixing and construction services space in the US South and its SPAC deal provided $167.1 in capital via an upsized PIPE plus over $115 million in trust capital to accelerate those plans.
Presidio (NYSE:FTW), which combined with EQV Ventures in March, is pursuing a similar strategy for buying up retiring oil and gas assets in south-central US states. It brought in a $350 million PIPE along with $15 million in trust cash and used its SPAC listing as the catalyst for arranging a $1 billion warehouse ABS facility with Goldman Sachs to pursue its targeted roll-up strategy. It last closed at $12.03.
Teamshares (NASDAQ:TMS) was the latest to bring a programmatic M&A strategy public through its own combination with Live Oak V on June 22. And, although it trails these other two on share price at $7.65, it is still in the immediate post-close churn phase of its journey and has not had time to announce as much news in the two weeks since completing the deal.
Though not technically structured as serial acquirers, another SPAC target, Ukrainian tech conglomerate Kyivstar (NASDAQ:KYIV) and 2021 de-SPAC quantum computing firm IonQ (NYSE:IONQ) have also made aggressive M&A in their respective sectors a core piece of their strategy and have been rewarded handsomely by the market for their moves.
More and more companies are now using AI tools to constantly evaluate and re-evaluate their sectors to systematically look for M&A opportunities. But, for private serial acquirers, such strategies generally require taking on debt. Gaining the potential to use public capital in transactions could give these groups both more flexibility in their dealmaking and the opportunity for public market investors to buy into their strategies.
Assemblin Caverion Group
Sweden has a particular penchant for this business model. Serial acquirers make up about 80% of the Stockholm exchange’s best performing large-cap stocks, according to Forbes. And, many of these companies have been working on their programmatic roll-up strategies since the 1960’s.
That makes it an environment where this business model is highly tested and also highly scrutinized by a market familiar with the strategy. And, it is in this pool that the Assemblin Caverion Group has been thriving.
Assemblin Caverion’s 50 acquisitions over the past five years rank as the 10th most over this period among private equity-backed businesses with at least $500 million in revenue, according to Gain.pro. These buys have grown the business to SEK 41.1 billion ($4.2 billion) in FY 2025 revenue with SEK 3.2 billion ($335 million) in EBITDA, and its margins are growing as well.
It finished 2024 with an overall adjusted EBITDA margin of 6.7%, but the company increased that to 7.9% by the fourth quarter of 2025. By that point, it held a consolidated net leverage ratio of 3.3x EBITDA.
The company specializes in absorbing small targets in the fragmented technical services and specialty construction space to form a region-wide umbrella that can be syngergized.
Serial aggregators of similar size from its region, like Addtech (FRA:AZZ2) and Lagercrantz (ST:LAGR-B) trade at 22x and 23x EBITDA, respectively. A similar treatment would value Assemblin Caverion at about $7.8 billion, but it would arguably have much higher upside on a US exchange than these peers on minor European stock markets.
Pye & Barker
Back in the US, Pye & Barker has been executing a similar strategy with a focus on fire safety service providers from its base in the state of Georgia.
It now has 253 locations in 47 states that it has assembled through 52 bolt-ons over the last five years by Gain.pro’s count. It has made 16 acquisitions so far in 2026 alone, according to its website, and it has managed to be an attractive partner for sellers through an employee ownership program.
It launched that program in August 2025 and it offers all employees profit-sharing incentives that grow with each additional year that employee remains with the company.
As with all companies leveraging such a program, giving sellers and active employees access to liquid shares would only increase the appeal. This is particularly so in this set of small businesses that tend to be family-owned and headed for eventual succession decisions at one point or another.
While not all SPACs would be as comfortable with a cross-border deal, the particular aesthetic of Pye & Barker’s growing empire of blue-collar small businesses could have direct appeal to the generation of SPACs in the current cycle hoping for a patriotic, homegrown target.
VDK Groep
But, for a Dutch flavor on the play, VDK Groep presents a strong platform to consider.
Similar to Assemblin Caverion, it specializes in providing electrical engineering, security systems and IT infrastructure to clients in the Benelux region. VDK Groep is made up of about 150 companies with roughly 7,000 employees that are allowed to operate independently in their local environs while providing customers a single point of contact for the overall network.
Much of this work stands to benefit from European subsidies as it involves both greener new-build construction and energy efficiency-focused retrofits of buildings.
It has been aggressive in this buildout with more acquisitions overall recently than either Assemblin Caverion and Pye & Barker. It could also be approaching its own juncture for a major capital move sooner.
EMK Capital bought out a majority stake in VDK in 2020, which was earlier than the other two aforementioned platforms received their main private equity backing. At the time, VDK’s founder reinvested in the business alongside EMK, and both could be in the right timeframe to get their second bite at the apple.
A SPAC deal could also help deleverage VDK. It refinanced its €425 million in debt with a new term loan in April 2025. At the time, S&P Global assigned the company a B+ rating, noting that it forecasted stable organic growth for the group, but that its debt-to-EBITDA ratio would be around 4.1x by 2026.
Should one of the current market’s Europe-focused SPACs want to take a look, it could result in a combined company that could stay just as active on the M&A front, but with a considerably lower cost of capital.