Mergermarket
Special Project Delivery Eyes Next Acquisition as Infrastructure Roll-Up Advances
In an interview with Mergermarket, SPD Co-Founder and CEO Paul Singarella outlined the company’s acquisition strategy following its announced combinations with Mobix Labs (Nasdaq: MOBX) and Winner Water Services.
Special Project Delivery (“SPD”) is pursuing additional acquisitions as it builds an infrastructure platform through its announced combinations with Mobix Labs (Nasdaq: MOBX) and Winner Water Services, Co-Founder and Chief Executive Officer Paul Singarella told Mergermarket in an interview published October 19, 2026.
Singarella described the Mobix Labs and Winner Water transactions as the first steps in a broader roll-up strategy SPD has been developing for several years. Winner Water will join the National Security Matters (NSM) platform SPD is building alongside Mobix Labs. Following closing and approvals, the combined company is intended to be named NSM Labs Inc., trading on Nasdaq under the ticker NSML.
Key Points
Advanced water purification, rare earths, critical minerals, digital infrastructure, and technologies that improve water and energy efficiency, including reducing the water profile of data centers.
Companies valued at $20M–$200M with $5M–$25M in annual revenue, experienced management teams, proven technologies, and established operations.
SPD expects to complete additional acquisitions over the next 12 to 24 months and already has a preferred target under evaluation.
Six consecutive DOE and DoD awards received by Winner Water and its research partners over the past decade.
Rare earths remain a priority
Singarella called the NSM initiative and SPD’s rare earth elements and critical minerals vertical “the future,” noting that Winner recovers those materials from American coal ash, an overlooked national resource. Winner recently broke ground on its rare earth extraction demonstration facility in Alabama, which is expected to begin operating in the first quarter of 2028 at a cost of about $25 million. Financing for a commercial-scale facility is progressing in parallel.
Singarella said domestic onshoring is not “red or blue, but rather red, white, and blue.”
SPD as a catalyst
SPD focuses on businesses with proven operations rather than early-stage “science projects,” and favors management teams that want to stay on and help build a larger platform. Most opportunities originate through SPD’s own network. Singarella said SPD’s project-finance, development, and execution capabilities help portfolio companies move from pilot projects to large-scale commercialization by pairing technical operators with access to capital and infrastructure expertise.
We’re kind of like a catalyst in that we help them move things along.
Paul Singarella, Co-Founder and Chief Executive Officer, Special Project Delivery
Summary of “Special Project Delivery eyes next acquisition as infrastructure roll-up advances – CEO,” by James Ward, published by Mergermarket on October 19, 2026. The full article is available to Mergermarket subscribers.