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

Targets in Texas

Texas - Transaction Value and Count by Month

Texas — Business Sale Overview

In the third quarter of 2025, Texas solidified its status as a leading hub for mergers and acquisitions in the United States, recording an impressive 195 deals with a total disclosed transaction value of $39.9 billion, reflecting a dynamic and diverse economic landscape. The energy sector emerged as the cornerstone of this activity, commanding over 40% of the total value through strategic consolidations amid favorable oil prices and a push toward energy infrastructure optimization. Notable transactions included Blue Water Acquisition Corp. III's $10 billion definitive agreement to acquire PDV Holding, Inc. in Houston, a transformative move to enhance oil and gas refining and marketing capabilities, subject to regulatory approval. Plains All American Pipeline, L.P.'s $1.7925 billion acquisition of Epic Crude Holdings, LP in San Antonio bolstered midstream logistics, while Phillips 66's $1.4 billion purchase of WRB Refining LP in Houston expanded its refining footprint. Other significant energy deals included California Resources Corporation's $702.2 million acquisition of Berry Corporation in Dallas to strengthen oil and gas exploration, and Macquarie Infrastructure Partners Inc.'s $540 million purchase of Diamond Infrastructure Solutions LLC in Houston to advance construction and engineering in energy infrastructure. These deals underscored a broader trend of consolidation and investment in Texas's energy transition, supported by robust financial engineering and strategic synergies.

The financial services sector contributed substantially to the quarter's momentum, with a series of bank mergers and asset management acquisitions aimed at enhancing market presence and operational efficiency. Investar Holding Corporation's $83.6 million agreement to acquire Wichita Falls Bancshares, Inc. in Wichita Falls, expected to close in Q4 2025 pending regulatory approvals, added four branches in Wise County, two in Wichita County, and one in Tarrant County, boosting its market share to 14.09%, 18.29%, and 0.26% respectively, with projected earnings per share accretion. NBH Bank's $368.8 million acquisition of Vista Bancshares Inc. in Dallas further exemplified this trend, expanding its banking network across North Texas. In asset management, Atlanticus Holdings Corporation's $162 million purchase of Mercury Financial LLC in Austin targeted consumer-focused specialty finance, while Rithm Capital Corp.'s acquisition of Crestline Management, L.P. in Fort Worth aimed to diversify investment portfolios. Technology and industrials also played pivotal roles, with Thoma Bravo, L.P.'s $1.409 billion buyout of PROS Holdings, Inc. in Houston enhancing its SaaS-based revenue management software, and Bluestar Alliance, LLC's $600 million acquisition of Williamson-Dickie Manufacturing Company, LLC in Fort Worth signaling private equity's influence in the apparel sector. Additional industrials highlights included Mirion Technologies, Inc.'s $585 million purchase of Paragon Energy Solutions, LLC in Fort Worth for diversified support services and Pye-Barker Fire & Safety, LLC's acquisition of Fortress Security, LLC in Grapevine to expand security and alarm services, reflecting a broad base of activity.

Mid-market and cross-sector deals further enriched Texas's Q3 2025 M&A landscape, particularly in innovation-driven regions like Austin and Dallas, where entrepreneurial activity thrived. Health care technology saw significant growth, with Pieces Technologies, Inc. in Irving integrating into Smarter Technologies LLC in Dallas to advance AI-driven predictive analytics in health care, and BroadJump, LLC in Dallas being acquired by Curvo Labs, Inc. in Evansville to enhance digital health platforms. Industrials benefited from strategic add-ons such as Groundworks, LLC's purchase of Leveled Concrete in Houston for construction and engineering expertise, and SPATCO Energy Solutions, LLC's acquisition of Excell-Environmental, Inc. in Buda to strengthen energy-related services. Real estate transactions included Yugo USA LLC's acquisition of Campus Advantage, Inc. in Austin to scale student housing management, while consumer sectors saw Franchise Equity Partners' investment in 7Crew Enterprises, LLC in Lubbock for restaurant franchising and MBC Companies' purchase of Alpha Foods Company, Inc. in Waller to expand packaged foods production. Cross-border interest was evident with Atresmedia Corporación de Medios de Comunicación, S.A.'s $135.1 million acquisition of Clear Channel Spanish Business, highlighting global demand for Texas media assets. With a 15% increase in deal volume from Q2 and nearly 30% of transactions backed by private equity, including high-profile investments by Insight Venture Management, LLC in Solovis, Inc. and Macquarie Infrastructure Partners, the quarter showcased Texas's resilience and attractiveness to strategic and financial buyers. Pending regulatory approvals for mega-deals like the $10 billion PDV Holding transaction and the $1.7925 billion Epic Crude deal signal sustained momentum, positioning Texas as a critical driver of national M&A trends into the year's end.

Texas — Strategic vs. Sponsor-led Activity

Texas — X / Y Plot By Sector

Texas — M&A Segmentation

Texas — Sector Breakdown

Second Level Primary Industry Breakdown

M&A Segmentation — Glossary:

M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.
M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.
M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.
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:

Transaction Value: Represents the total consideration paid for a transaction, including net debt only if assumed, capturing the full financial scope of the deal.
Deal Value: Focuses solely on the consideration paid for the equity acquired, excluding net debt, to reflect the cost of ownership.
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.
Implied Equity Value: Isolates the equity portion, representing 100% of the target’s equity value, enabling a clear equity-to-equity comparison across transactions.

Q3 2025 | Texas M&A Insights

June 2025 | Texas M&A Insights