Energy Acquisitions in Texas

Dallas-based private equity firm Trive Capital has made a control investment in Rolfson Oil, a Texas-headquartered fuel, oils and lubricants distributor focused on energy customers. Subsequent to Trive's investment, Rolfson acquired Oklahoma City-based Flint Logistics Group to expand its fuel delivery, onsite storage and lubricant distribution footprint across the Southwest U.S.

MidCentral Energy Partners has acquired Expanse Electrical Company, a provider of electrical, automation, and power infrastructure services. The acquisition expands MidCentral's capabilities in high-voltage construction, substation automation, and field-level controls to better serve oil & gas, utility, data center, and industrial customers.

BKV Corporation acquired one-half of Banpu Power US Corporation’s (BPPUS) interest in BKV-BPP Power, LLC for approximately $115.1 million in cash and 5,315,390 newly issued BKV common shares, increasing BKV’s ownership in the power joint venture to 75% from 50%. The transaction gives BKV majority control of the JV (which owns the Temple I and II combined-cycle gas power plants in Temple, Texas) to consolidate results and accelerate expansion of its power operations in the ERCOT market.

USA Compression Partners LP (USAC) has completed the acquisition of J‑W Power Company for approximately $860 million, funded with $430 million drawn from its revolving credit facility and the issuance of about 18.2 million common units at an effective price of $23.50 per unit. The deal adds more than 0.8 million active horsepower to USAC’s fleet across major U.S. basins (bringing total active horsepower to ~4.4 million), expands aftermarket services and parts distribution capabilities, and diversifies the commercial customer base.

NextEra Energy Resources (a unit of NextEra Energy, Inc.) has acquired Symmetry Energy Solutions from private equity firm Energy Capital Partners (ECP). The acquisition expands NextEra's natural gas supply, logistics and asset-management capabilities; Symmetry is a Houston-based retail natural gas supplier serving thousands of commercial and industrial customers.

Constellation Energy completed its acquisition of Calpine Corporation from Energy Capital Partners, creating the largest electricity producer in the United States with a combined 55 GW of generating capacity and ~2.5 million retail and business customers. The deal brings Calpine's natural gas and geothermal fleet together with Constellation's nuclear platform to expand capabilities, scale in high-demand regions (notably Texas and California), and support emerging clean-energy technologies.

Lane42 Investment Partners, in partnership with Karis Midstream Partners, has acquired Aqua Terra Permian, an energy midstream company operating gathering, transportation and saltwater disposal assets in the Permian Basin. The investment will strengthen the company’s balance sheet and provide capital to support growth as the platform will be led by the Karis team with Odely Sakazi as CEO and David Melton as COO.

Iron Oak Energy Solutions LLC acquired Superior Silica Sands LLC in an all-stock transaction, adding over 3 million tons per year of frac sand production capacity and expanding Iron Oak's footprint in the Eagle Ford Shale. The deal increases Iron Oak's total annual production capacity to roughly 40 million tons and broadens the combined platform's ability to serve oil & gas, construction and industrial sand markets.

TRM, an Alexandria-based enterprise asset management and reliability consultancy, has acquired Sheffield Scientific, a Katy, Texas consulting firm focused on EAM (IBM Maximo, Hitachi Asset Suite) and OT cybersecurity for power generation. The deal strengthens TRM's power generation capabilities, adds Sheffield's Serket OT risk-management software and specialist personnel, and increases TRM's headcount to more than 180 employees.

Spotlight Energy, a Houston-based wholesale energy marketing firm, has completed its acquisition of PathPoint Energy, a natural gas trading, logistics, and asset optimization specialist. The deal expands Spotlight's commercial trading and optimization capabilities and strengthens its footprint across core U.S. and Canadian natural gas and power markets.

Natura Resources has acquired Shepherd Power from NOV Inc., adding Shepherd's regulatory, licensing, and reactor deployment expertise to accelerate commercialization of Natura's molten-salt small modular reactor (MSR) technology. NOV will partner with Natura on manufacturing and project execution, invest in Natura and appoint a board representative to support delivery of gigawatts of SMRs for data center and industrial customers in the early 2030s.

LS Power completed the acquisition of bp’s US onshore wind business, BP Wind Energy North America Inc., adding approximately 1,300 MW of operating onshore wind capacity across 10 projects. The assets will be integrated into LS Power affiliate Clearlight Energy, expanding Clearlight’s national footprint and increasing LS Power’s North American renewable generation scale.

Mirion Technologies, Inc. (NYSE: MIR) has completed the acquisition of Paragon Energy Solutions, a Fort Worth-based provider of engineered electrical, instrumentation & controls, HVAC, mechanical and flow components for nuclear power plants and small modular reactors. Paragon was sold by Windjammer Capital Investors, which had acquired the company in November 2021 and supported product expansion and sales-channel investments to position Paragon for growth in the nuclear sector.

Energy Overwatch has acquired Porosity, a Houston-based software and AI company, to integrate Porosity’s digital workflow, data‑integration, and AI-driven variance detection capabilities into Energy Overwatch’s compliance SaaS and field services platform. The deal (closed November 21, 2025) expands Energy Overwatch’s ability to provide unified regulatory management, emissions monitoring, and real‑time operational intelligence to upstream, midstream, and downstream oil & gas operators.

Hitachi Energy has acquired a minority stake in Shermco, a leading North American electrical services provider, in partnership with Blackstone Energy Transition Partners. The strategic investment aims to expand Hitachi Energy's service capabilities across North America, accelerate Shermco's growth, and develop new digital service offerings to improve grid reliability and asset lifecycle management.

Western Midstream Partners, LP (WES) completed its acquisition of Aris Water Solutions, combining Aris's produced-water gathering, recycling, transportation and disposal capabilities with WES’s midstream platform to expand water services in the Delaware Basin. Under the merger, Aris securityholders received a mix of cash and WES common units (approximately $415.0 million in cash in aggregate and ~26.6 million common units in equity), with final election results producing roughly 28% cash and 72% equity consideration.

Saudi Arabia-headquartered Alkhorayef Petroleum Company (APC) has acquired Houston-based GRC Technologies, a supplier of precision downhole gauges and well instrumentation. The deal adds ESP sensors and digital intelligence capabilities to APC’s artificial lift product suite, strengthening its end-to-end ESP solutions and accelerating integration of data-driven and AI-enabled optimisation.

Solaris Assets, LLC (an acquisition vehicle formed by an ad hoc group of DIP financing lenders and affiliates and entities controlled by GoodFinch Management, LLC) completed the purchase of substantially all assets and business operations of Sunnova Energy International Inc. in a court‑supervised Chapter 11 sale. The deal was structured as a credit bid plus $25 million in cash and certain cure payments, and Sunnova’s core operations will transition to SunStrong Management, LLC as the asset manager to ensure continuity of residential solar servicing, O&M, and portfolio management.

Kian Capital-backed SPATCO Energy Solutions has acquired Excell Fueling Systems, a HUB-certified fueling system contractor based in Buda, Texas. The add-on expands SPATCO’s commercial fueling installation and maintenance capabilities in Texas and deepens the platform’s presence in a high-growth region.

Environ Energy has acquired Houston-based CSD Energy Advisors, adding nearly 1,000 clients including multiple Fortune 500 companies and several of Texas's largest industrial energy consumers. The CSD co-founders and their team will join Environ to expand the firm's energy procurement, demand response, and storage capabilities as part of Environ's continued PE-backed roll-up strategy with partner 424 Capital.

Deep Blue Midland Basin LLC, the Midland Basin water-infrastructure platform backed by Five Point and Diamondback, agreed to acquire Environmental Disposal Systems, LLC from Diamondback Energy. The transaction (valued at $750 million) nearly doubles Deep Blue's scale, secures a 15-year dedication from Diamondback, and is expected to unlock operational and commercial synergies across the integrated produced-water system.

GridX has acquired Innowatts, a provider of advanced load forecasting and utility planning analytics, to integrate meter-level forecasting into GridX's enterprise rate platform. The deal expands GridX's upstream planning capabilities, enabling utilities and retail energy providers to combine long-term planning and real-time rate analytics in a single solution.

MPLX LP completed the $2.375 billion acquisition of Northwind Delaware Holdings LLC (Northwind Midstream), adding sour gas gathering, treating and processing capacity in Lea County, New Mexico. The deal strengthens MPLX’s Permian Basin natural gas and NGL value chains, is expected to be immediately accretive to distributable cash flow, and includes an estimated $500 million of incremental capital for expansion projects.

Eaton has completed the acquisition of Resilient Power Systems Inc., an Austin-based developer and manufacturer of solid-state transformer technology and ultra-compact EV charging depots. Eaton said the deal will help scale Resilient's next-generation medium-voltage solid-state transformer technology for markets including data centers, energy storage and EV charging.

Mirion (NYSE: MIR) has acquired Certrec, a Fort Worth-based provider of regulatory compliance and digital integration solutions for the energy sector, for a cash purchase price of $81 million plus additional equity incentives. The acquisition brings software and recurring services capabilities to Mirion’s Nuclear & Safety group, strengthening its offerings across nuclear power facilities and broader electric generation markets.

IGS Energy has completed the acquisition of Just Energy, creating one of North America's largest retail energy providers with nearly 7.5 million residential customer equivalents. The combined company brings together ~2,250 employees and expands IGS's footprint in deregulated markets—notably strengthening its presence in Texas (ERCOT) and PJM—while Just Energy will continue to operate under its existing brands.

DNOW Inc. agreed to acquire MRC Global in an all-stock merger that values MRC Global at approximately $1.5 billion inclusive of net debt, creating a combined energy and industrial solutions provider. The transaction is expected to generate about $70 million of annual cost synergies within three years, expand the combined company's global footprint and be accretive to adjusted EPS in the first year following closing.

Allied Industrial Partners, a Houston-based industrial-focused private equity firm, has made a strategic growth investment in Pride Dynamo, a Texas-headquartered provider of mission-critical distributed power solutions. The founders, Bill and Nicholas Wood, will remain meaningfully invested as Pride uses the capital to scale operations and expand across industrial, energy infrastructure, utility, and data center end markets; terms were not disclosed.

AppDirect has acquired Broker Online Exchange (BOX), a North American retail energy broker network, and Québec-based DNE Resources, an energy management and consulting firm. The transactions expand AppDirect's B2B commerce marketplace to include energy procurement and services, broadening its capabilities for technology advisors and extending its reach into Canadian and U.S. energy markets.

ArcLight Capital Partners’ managed fund acquired a 25% interest in Natural Gas Pipeline Company of America (NGPL), resulting in ArcLight holding a 62.5% economic ownership stake while Kinder Morgan retains a 37.5% interest and continues to operate NGPL. NGPL is one of the largest U.S. interstate natural gas pipeline systems (≈9,100 miles, ~1 million horsepower of compression, 288 billion cubic feet of storage); terms were not disclosed. ArcLight cited rising power demand from electrification and AI and the asset’s ability to support utilities, LNG exporters and data centers as the strategic rationale.

Environ Energy has acquired Rapid Power Management (RPM), a Texas-based energy advisory firm, to expand its capabilities and presence in the ERCOT market. The deal brings RPM founder JD Dodson and his team into Environ and adds RPM’s proprietary Power Factor Correction solution to Environ’s service offering; the acquisition is part of Environ’s buy-and-build strategy backed by private equity partner 424 Capital.

Stone Ridge Holdings Group has acquired Wincoram Asset Management, a capital solutions provider to the physical and financial energy markets, integrating Wincoram into its Stone Ridge Energy (SRE) team to accelerate energy asset acquisitions. The deal formalizes a five-year partnership during which the firms invested roughly $7 billion across more than 10 GW of energy assets and aims to expand Stone Ridge's capabilities in sourcing and operating stranded natural gas and related energy assets.

Iron Oak Energy Solutions LLC has acquired High Roller Sand, adding a low-cost proppant facility near Kermit in Winkler County, Texas to expand its Permian Basin footprint and increase in-basin production capacity. The acquisition raises Iron Oak's annual production capacity and strengthens its network to serve Midland and Delaware Basin operators more reliably.

RPC, Inc. (NYSE: RES) acquired Pintail Alternative Energy, L.L.C. (d/b/a Pintail Completions) effective April 1, 2025, for approximately $245 million in a deal funded with cash, restricted stock and a seller note. Pintail, headquartered in Midland, Texas, is a leading provider of oilfield wireline completions services in the Permian Basin; the acquisition expands RPC's completion service lines and Permian geographic footprint while adding a high-margin, cash-generative wireline business.

Pennybacker Capital Management has acquired Baseline Energy Services, a provider of low-carbon, mobile distributed power generation solutions that owns and operates ~210 MW across ~1,200 mobile units. Baseline's existing management, led by CEO Graham Radler, will remain in place as Pennybacker provides capital to expand the fleet (targeting up to 1 GW) and grow its presence across data center, industrial and energy end markets; prior investors Tug Hill Capital, Alturus Capital Partners and Donovan Ventures were thanked for their partnership.

Bidgely has acquired Grid4C to expand its AI-driven energy analytics capabilities, integrating Grid4C’s fault detection, diagnostics and DER/load forecasting into Bidgely’s UtilityAI Platform. The acquisition strengthens Bidgely’s grid-side and customer engagement offerings, enabling new use cases such as appliance fault prediction, granular load forecasting, and enhanced demand response and DER optimization for utilities.

Voyager Interests, a private equity firm focused on energy services, has made a majority investment in Tejas Completion Services, a Midland, Texas-based specialty pumping and completion services provider. As part of the deal, Voyager will merge its existing portfolio company VooDoo Energy Services into Tejas to support fleet, service-line expansion and growth in the Permian Basin; financial terms were not disclosed.

T1 Energy Inc. (formerly FREYR) acquired the U.S. solar manufacturing assets of Trina Solar Co., Ltd. for $621 million, including a 5 GW, 1.35 million sq. ft. module facility in Wilmer, Texas (now named G1 Dallas). The asset purchase was announced November 6, 2024 and closed December 24, 2024 as part of T1's strategy to build a vertically integrated U.S. solar and battery manufacturing supply chain.

Diversified Energy Company PLC has completed its acquisition of Maverick Natural Resources. The transaction was partly satisfied by the issuance of 21,194,213 new ordinary shares and will see Maverick CEO Rick Gideon become Diversified's Chief Operating Officer effective March 18, 2025.

Quorum Software has acquired cloud-based SCADA provider zdSCADA to integrate real-time supervisory control and data acquisition into its Upstream On Demand suite. The deal expands Quorum’s digital oilfield capabilities by combining zdSCADA’s cloud SCADA with Quorum’s measurement and upstream software to deliver unified, real-time production and measurement workflows for oil and gas operators.

SubTerra Engineering Corporation, a Calgary-based subsurface EPC firm, has acquired Houston-headquartered Cavern Solutions Inc., a specialist in underground salt cavern, reservoir storage and disposal engineering. The deal expands SubTerra’s capabilities and geographic footprint across North America, strengthening its offerings in underground storage, disposal, carbon capture and hydrogen projects.

Funds managed by Apollo affiliates have acquired a majority interest in Bold Production Services, a Houston-based provider of contracted natural gas treatment solutions. The investment will support Bold's growth and expansion of its fleet and services to meet rising U.S. natural gas demand across Permian and Eagle Ford basins.

An affiliate of Tres Energy LLC acquired Adams Resources & Energy, Inc. in a take-private transaction that closed February 4, 2025, with Adams shareholders receiving $38.00 per share. The deal (approximately $138.9 million equity value) takes the Houston-based oil marketing, transportation and terminals operator private to consolidate its midstream, transportation and recycling operations under Tres Energy.

ONEOK, Inc. has completed its acquisition of EnLink Midstream, LLC, with EnLink unitholders receiving 0.1412 shares of ONEOK common stock for each EnLink unit. The deal integrates EnLink's midstream infrastructure into ONEOK's platform, strengthening ONEOK's gathering, processing, transportation and storage capabilities and diversifying its asset base.

Electric Power Engineers (EPE), an Austin-based power systems engineering and consulting firm, received a strategic growth investment from Boston-based private equity firm Berkshire Partners. Lime Rock New Energy, the prior investor from 2021, has fully realized its investment; EPE management will remain significant investors and continue to lead the company. Advisory firms on the transaction were AEC Advisors for EPE and Houlihan Lokey for Berkshire.

Delek Logistics Partners LP completed the acquisition of Gravity Water Intermediate Holdings (the water midstream business of Gravity Oilfield Services) for $285 million, consisting of $200 million cash and approximately 2.175 million DKL units. The assets — integrated produced water gathering, transportation and full-cycle water systems operating mainly in the Midland Basin (Howard County) and Bakken — expand DKL's water services footprint and complement its recent H2O Midstream acquisition to create integrated crude and water midstream offerings.

Lion Equity Partners, a Denver-based private equity firm, has acquired Global Compression Services (GCS) from Warren Equipment Company. GCS, headquartered in Midland, Texas, is a global distributor and manufacturer of OEM and aftermarket parts for reciprocating natural gas engines and compressors; Lion Equity said the acquisition will support growth, capability expansion, and operational improvements in the natural gas compression aftermarket.

Covia Energy LLC and Black Mountain Sand Holdings LLC have merged in an all-stock transaction to form Iron Oak Energy Solutions, a proppant supplier with roughly 30 million tons of annual production capacity and operations across major North American shale basins. The combined company is privately sponsored by Anchorage Capital Advisors, Golden Gate Capital, and NGP and will be headquartered in Houston, Texas to serve producers with both in-basin and Northern White sand assets.

BGC Group, Inc. (Nasdaq: BGC) has acquired Sage Energy Partners, LP, a Houston-based energy and environmental brokerage firm. The deal expands BGC's U.S. energy brokerage capabilities — adding coverage in refined products, biofuels, ethanol, carbon emissions, NGLs and petrochemicals — and strengthens its Energy, Commodities, and Shipping (ECS) business.

SCF Partners has acquired the Newpark Fluids Systems business from Newpark Resources. The deal gives SCF control of a global drilling and completion fluids provider with technical services and a digital modeling software suite, supporting growth—particularly in geothermal and energy services markets.