How do you build an M&A target list with free sources?
Start from industry codes, add private companies from Form D and Companies House, then test each name against past deals in SEC merger filings. Every SEC registrant carries a 4-digit SIC code (SEC SIC code list, 2026), and the SEC publishes Form D data sets free (SEC). Write the buyer's criteria first.
What should go into the screening criteria?
Write them down before you search: the activity you want to buy, the countries, a size range, ownership type and any deal breakers. A list built without criteria grows to hundreds of names nobody can defend. Size is the hardest filter with free data, because private companies rarely publish revenue, so use proxies such as employees, amounts raised or filed accounts.
Step 1. Pull listed and SEC-registered companies by SIC code
Look up the SIC code of a company that fits the criteria on SEC EDGAR, then list every registrant under that code with EDGAR company search (SEC SIC code list). Drop shell companies and filers with no recent 10-K. Read the competitors named in each 10-K's business section to add names the code missed. Our guide on finding comparable companies covers SIC and NAICS codes in depth.
Step 2. Add US private companies from Form D
Private companies that raise money under Regulation D file a Form D with an industry group, state and, sometimes, a revenue range. The SEC's quarterly Form D data sets let you filter every filing by industry group and state in a spreadsheet (SEC). Leave out pooled investment funds and real estate if you want operating companies. A company that raised small amounts several years ago and nothing since can be a founder-owned business open to a sale; one that raised last month is usually not for sale.
Step 3. Add UK companies from Companies House
Companies House advanced search is free and filters UK companies by SIC code, status, location and incorporation date (Figsflow guide; GOV.UK). Export the results, then open each candidate's filed accounts, officers and people with significant control. A long-serving sole director who is also the main shareholder is a classic succession candidate. Our guide on researching a UK company on Companies House explains each tab.
Step 4. Check who has already been bought
Search SEC EDGAR for merger filings in the sector: DEFM14A merger proxies, S-4 registration statements for stock deals and Form 425 communications on business combinations (SEC EDGAR Filer Manual update, 2008; SEC EDGAR index). Remove targets that have been acquired, and note the buyers. The background section of a merger proxy also lists how many parties were contacted, which shows who else is active in the sector; see how to read a merger proxy.
Step 5. Score and rank the list
Give each name a score on fit, size, ownership and likely openness to a sale, with one line of evidence for each from a filing or register. Check owners and parents through GLEIF and the PSC register before contact, because a subsidiary of a larger group is a different conversation from a founder-owned company. Screen the shortlist against the OFAC, UK, EU and UN sanctions lists.
What do free sources not give you?
Free records rarely give private company revenue, profit or valuation, and they do not tell you whether an owner wants to sell. Form D does not name investors, and UK small companies often file accounts without a profit and loss account. Expect to estimate size and to confirm interest through outreach.
Where does Tamarly Intelligence help?
Tamarly Intelligence is Tamarly's research platform on companies, funds, countries and markets, built from official filings and open data. It has a deals database built from SEC merger filings and 19,910 company pages across 22 sectors, with each company's Form D history rebuilt into rounds and its US patents. Its sources include SEC EDGAR, UK Companies House and GLEIF, and every figure links to the filing or record it came from.
Tamarly shows no investor names on private rounds and no valuations, and when it does not cover a company it says so. On Level 2 and above you can have Tamarly research a company from your portfolio and build a sourced profile of it.
Screen companies and deals from SEC filings, free for 7 days
Frequently asked questions
Can you build an M&A target list without PitchBook or Capital IQ?
Yes, for a first list. SIC codes on EDGAR, Form D data sets, Companies House advanced search and SEC merger filings are free. What you give up is revenue estimates and valuation data for private companies, which you will need to estimate or ask for.
How many companies should a target list have?
Enough to survive drop-outs, few enough to research properly. Most teams work in 2 stages: a long list built from codes and registers, then a short list researched name by name before outreach. The criteria matter more than the count.
How do you find private companies that may be for sale?
Look for signals in the records: founders near the end of a long tenure, no recent fundraising on Form D, a sole director who owns most of the shares on Companies House, or a peer recently sold in an SEC merger filing. None proves intent, but each justifies a call.
About the author. Melvine Manchau is the founder of Tamarly and author of the Tamarly Newsletter. He previously worked at PwC, Salesforce, BlackRock/eFront and Lazard.
About Tamarly Research. Tamarly Research is part of Tamarly Media, which holds no investment positions. Tamarly is a New York research house that studies how AI is changing regulated institutions.