Q3 2025 | New Mexico M&A Insights

The information reflects transactions as reported, including deal descriptions, values, and statuses, but may contain gaps, such as undisclosed deal terms or financial metrics, which limit comprehensive analysis. While efforts have been made to ensure accuracy, users should consult primary sources or professional advisors for legal, financial, or strategic decisions. No warranties are made regarding the completeness or reliability of this data, and the provider assumes no liability for its use.

This Quarter - National Transaction Value ($bn) and Transaction Count

Targets in New Mexico

New Mexico - Transaction Value and Count by Month

New Mexico — Business Sale Overview

In the third quarter of 2025, New Mexico's mergers and acquisitions activity featured 11 deals with a disclosed transaction value of $260 million, driven primarily by the energy sector. Devon Energy Corporation's $260 million acquisition of the remaining minority stake in Cotton Draw Midstream, L.L.C. in Roswell stood out, consolidating its oil and gas exploration and production assets in the Permian Basin. Other notable transactions included Gamma Resources Ltd.'s acquisition of 185 new federal lode claims in Northern New Mexico for coal and consumable fuels exploration, and Tecta America Corporation's purchase of J3 Systems LLC in Bosque Farms to expand construction and engineering services. The market saw a mix of industrials and consumer deals, with ADL Final Mile's acquisition of Distribution Management Corporation, Inc. in Albuquerque enhancing logistics, and Kaitlyn Talamante's purchase of LadyBoss in Seguin targeting personal care products, reflecting diverse strategic growth across the state.

New Mexico — Strategic vs. Sponsor-led Activity

New Mexico — X / Y Plot By Sector

New Mexico — M&A Segmentation

New Mexico — Sector Breakdown

Second Level Primary Industry Breakdown

New Mexico M&A Deal Summaries — Business Sale Activity for M&A Targets

The following transactions represent M&A activity where the target entity is headquartered in described geography, in line with the traditional reporting on target M&A deal volume and metrics captured in the charts and conventional analysis above.

1. 185 New Federal Lode Claims (07/31/2025)
• Gamma Resources Ltd. acquired 185 new federal lode claims in Northern NM from an undisclosed seller through a staking transaction. This deal expands Gamma’s coal and consumable fuels portfolio in the energy and utilities sector, supporting further exploration in the region.

2. Cotton Draw Midstream, L.L.C. (08/01/2025)
• Devon Energy Corporation acquired the remaining minority stake in Cotton Draw Midstream, L.L.C. in Roswell, NM for $260 million. The transaction consolidates Devon’s control over midstream assets, enhancing its oil and gas exploration and production operations in the Permian Basin.

3. Engineered Equipment Sales & Testing, Inc. (08/11/2025)
• MPSW Holdings, Inc. acquired Engineered Equipment Sales & Testing, Inc. in Albuquerque, NM. This acquisition integrates EEST’s team into MPSW, strengthening its trading companies and distributors capabilities in the industrials sector.

4. Southwest Seal & Supply, Inc. (08/12/2025)
• Aberdeen Dynamics, LLC acquired Southwest Seal & Supply, Inc. in Albuquerque, NM from Randy Smith. The deal welcomes Southwest’s employees into Aberdeen’s employee ownership model, expanding its trading companies and distributors offerings in industrials.

5. La Castaneda Harvey House Hotel (08/23/2025)
• Dennis and Annette Lucero and Carlos and Patricia Lopez agreed to acquire La Castaneda Harvey House Hotel in Las Vegas, NM from Allan Affeldt and Tina Mion, expected to close in November. This transaction preserves the historic hotel’s legacy while transitioning ownership to new local investors in the hotels, resorts, and cruise lines sector.

6. Better Money Decisions, LLC (08/26/2025)
• EP Wealth Advisors, LLC acquired Better Money Decisions, LLC in Santa Fe, NM. The acquisition brings managing partner Lea Ann Knight as regional director and her team to EP Wealth, enhancing its asset management services in the financials sector.

7. Distribution Management Corporation, Inc. (09/03/2025)
• ADL Final Mile acquired Distribution Management Corporation, Inc. in Albuquerque, NM. This move integrates DMC’s leadership, with Steve Griego as President of the Southwest Region, bolstering ADL’s air freight and logistics operations in industrials.

8. J3 Systems LLC (09/05/2025)
• Tecta America Corporation acquired J3 Systems LLC in Bosque Farms, NM from a family owner. The deal positions J3 Systems as a Tecta company under Jeremy Utash’s presidency, retaining all employees to expand construction and engineering services in industrials.

9. LadyBoss (09/05/2025)
• Kaitlyn Talamante acquired LadyBoss in Seguin, NM from Russell Brunson. This acquisition allows Talamante, as CEO, to lead LadyBoss’s personal care and beauty products in the consumer sector, focusing on women’s health and wellness.

10. One AM Station, One FM Station and One FM Translator (09/06/2025)
• Rabbit Ear Media & Print, LLC agreed to acquire one AM station, one FM station, and one FM translator in NM from Melba McCollum for $264,000, subject to FCC approval. The transaction enhances Rabbit Ear’s broadcasting footprint in the technology, media, and telecommunications sector.

11. Bright Green Corporation (09/16/2025)
• PharmAGRI Capital Partners agreed to acquire Bright Green Corporation in Grants, NM via a reverse merger, subject to court and FINRA approval. This court-supervised restructuring consolidates Bright Green’s DEA registrations and Nasdaq history into PharmAGRI, with Lynn Stockwell as CEO and majority shareholder to advance pharmaceuticals in health care.

Buyers in New Mexico

The following transactions represent M&A activity where the acquiring entity is headquartered in described geography, distinct from the traditional reporting on target M&A deal volume and metrics captured in the charts and conventional analysis above.

New Mexico M&A Overview — Business Sale Activity for M&A Buyers

Only four in-state buyers completed acquisitions this quarter: Gamma Resources Ltd. expanded its energy holdings with new federal lode claims; ADL Final Mile grew its logistics footprint through the purchase of Distribution Management Corporation; Tecta America (NM division) added J3 Systems to strengthen construction services; and PharmAGRI Capital Partners acquired Bright Green Corporation in a reverse merger to advance local pharmaceutical manufacturing.

New Mexico M&A Deal Summaries — Business Sale Activity for M&A Buyers

1. Big Sandy Lithium Project and Lithium Research Center in Arizona (07/09/2025)

   • Navajo Transitional Energy Company, LLC (Farmington, NM) acquired Big Sandy Lithium Project and Lithium Research Center in Arizona from Arizona Lithium Limited for $5 million, terminating the prior Mining Services Agreement and releasing escrowed shares. The proceeds enable Arizona Lithium to invest in its Prairie Lithium Project, while NTEC gains unclassified lithium assets closer to production in the energy transition space.

2. TA Pipeline, LLC (08/06/2025)

   • NextTrip, Inc. (Santa Fe, NM) acquired TA Pipeline, LLC for $1 million, including $443,169 cash, 96,774 restricted shares valued at $300,000, and a potential $200,000 earnout based on net revenues over 12 months post-closing. This deal integrates TA Pipeline's application software into NextTrip's platform, allowing TA to leverage NextTrip's technological strengths while operating under its brand in technology, media, and telecommunications.

3. Max Ford of Manhattan/Max Hyundai of Manhattan (08/12/2025)

   • 2AutoGroup (Santa Fe, NM) acquired Max Ford of Manhattan and Max Hyundai of Manhattan from Max Motors Dealerships, rebranding them as Manhattan Ford and Manhattan Hyundai. The transaction expands 2AutoGroup's unclassified automotive dealership portfolio, facilitated by Pinnacle Mergers & Acquisitions for strategic growth in the sector.

4. Sierra Detention Systems, Inc. (08/17/2025)

   • APIC Solutions Inc. (Albuquerque, NM) acquired Sierra Detention Systems, Inc. in Brighton, CO. This acquisition enhances APIC's building products offerings in industrials by incorporating Sierra's expertise in detention systems and security solutions.

M&A Segmentation — Glossary:

1. M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.

2. M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.

3. M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.

4. M&A – Spinoff or Splitoff: The divestiture of a business unit into a separate entity or distribution of subsidiary shares to shareholders.

Deal Terms — Glossary:

1. Transaction Value: Represents the total consideration paid for a transaction, including net debt only if assumed, capturing the full financial scope of the deal.

2. Deal Value: Focuses solely on the consideration paid for the equity acquired, excluding net debt, to reflect the cost of ownership.

3. Implied Enterprise Value: Provides a standardized measure of the target’s total entity value, incorporating 100% of the enterprise including net debt, for consistent comparison with metrics like LTM EBITDA and Revenue.

4. Implied Equity Value: Isolates the equity portion, representing 100% of the target’s equity value, enabling a clear equity-to-equity comparison across transactions.

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