Acquisitions in Texas in 2023

ARC Health, a Thurston Group portfolio company, has acquired Exult Healthcare, a Texas-based mental health practice founded by Dr. Deepika Bhargava. The deal brings Exult's integrated behavioral health services — including MAT, TMS and IOP — into the ARC Health network to expand care access and enhance clinical capabilities in Texas.

Fourshore Partners, a Miami-based private equity firm, has acquired Power Funding LTD, a Houston-based factoring company that provides working capital to oil & gas and trucking businesses. The deal positions Fourshore to invest in alternative banking solutions and accounts-receivable financing serving underserved transportation and energy middle-market firms.

Kinder Morgan closed its previously announced $1.815 billion acquisition of NextEra Energy Partners' South Texas assets (STX Midstream), acquiring majority interests in multiple natural gas pipelines including a 90% interest in the NET Mexico pipeline and a 50% interest in Dos Caminos LLC. The assets expand Kinder Morgan's South Texas footprint and provide greater connectivity to LNG, Mexico export and Gulf Coast power and industrial markets.

Boston-based WestView Capital Partners has made a growth investment in Physician Life Care Planning (PLCP), a San Antonio–headquartered provider of physician-authored life care plans and damages valuation services. The investment will be used to enhance PLCP's technology, infrastructure, and team to accelerate growth across new and existing geographies; financial terms were not disclosed.

TFI International completed its previously announced all-cash acquisition of Daseke, Inc. for $8.30 per share, valuing the transaction at approximately $1.1 billion. The deal closed in early April 2024 and Daseke will operate as part of TFI's Truckload segment; TFI also closed a $500 million term loan to support the transaction.

H.I.G. Capital, through an affiliate, has completed the acquisition of Penhall Company, North America’s largest provider of specialty concrete services. Headquartered in Irving, Texas, Penhall operates over 40 branch and service locations across the U.S. and Canada and will partner with H.I.G. and current management to accelerate growth and expand services.

Wesco Group has acquired English Color & Supply, a super-regional distributor of automotive paint, equipment and supplies based in Richardson, Texas, from WestView Capital Partners. The transaction expands Wesco's footprint in the southern and central United States; terms were not disclosed.

Exencial Wealth Advisors has acquired Austin-based Weinheimer Wealth Management, integrating nine professionals and approximately $500 million in assets under management (AUM) into Exencial’s platform. The transaction expands Exencial’s presence in Texas and brings additional wealth management capabilities and client relationships to the firm.

Kodiak Gas Services, Inc. agreed to acquire CSI Compressco LP in an all-equity transaction valued at approximately $854 million (including assumed net debt of $619 million), creating the largest contract compression fleet in the industry. The deal expands Kodiak’s service offerings into CSI Compressco’s treating, gas cooling and aftermarket services, is expected to be accretive to cash flow, and targets at least $20 million of annual run-rate synergies.

Houston-based CPA and advisory firm Calvetti Ferguson acquired Dallas-based tax-focused CPA firm Gummer Group, LLC effective December 1, 2023. The deal expands Calvetti Ferguson’s Dallas footprint and family office tax capabilities, increasing the Dallas office headcount and bringing additional expertise in real estate and oil & gas tax work.

Imperial Dade has acquired Wedge Supply, LLC, a two-location distributor of janitorial supplies and foodservice packaging serving the Dallas/Fort Worth area. The founder, Kevin Wedge, will remain with the business as Imperial Dade continues to expand its presence in Texas; financial terms were not disclosed.

Mammoth Holdings LLC, an express car wash platform headquartered in Dallas, acquired Galaxies Express Car Wash, an operator of two express conveyor car wash locations in Killeen, Texas. The acquisition is an add-on to Mammoth's platform as part of its national expansion strategy and furthers its footprint in the Texas market.

Samyang Holdings has acquired U.S.-based specialty chemical manufacturer Verdant Specialty Solutions from private equity firm OpenGate Capital for approximately USD 250 million. Verdant — a Texas-headquartered supplier of amphoteric and non-ionic surfactants with ~USD 210M revenue and roughly 300 employees — will become a subsidiary to strengthen Samyang's specialty chemicals capabilities and support its global expansion.

Advanced Diagnostics Healthcare System (ADHS), an independent physician-led network, has acquired TREND Healthcare, a network of multi-specialty clinics operating across the Dallas–Fort Worth metroplex. The deal expands ADHS's footprint in Texas and brings additional primary care, orthopedic, neurosurgery and occupational medicine capabilities into its portfolio.

David Galloway, a former co-owner, completed a management buyout to become sole owner of Brazos Commercial Roofing on December 15, 2023. Generational Equity advised on the transaction; Brazos Commercial Roofing is a Clute, Texas–headquartered commercial and industrial roofing and waterproofing services provider.

TG Natural Resources LLC (backed by Tokyo Gas America and Castleton Commodities International) agreed to acquire 100% of Rockcliff Energy II LLC from Quantum Energy Partners/Quantum Capital Group for approximately $2.7 billion. Rockcliff is an upstream natural gas producer focused on the East Texas Haynesville shale with field headquarters in Longview, Texas and ~1.3 Bcf/d gross operated production; the deal closed following customary approvals.

RMA Companies, a portfolio company of OceanSound Partners, has acquired Rone Engineering, a Dallas-based geotechnical engineering, materials testing, and environmental services firm. The acquisition expands RMA's South-Central (Texas) presence and service capabilities, with Rone acting as RMA's primary presence in the region and Richard Leigh named Texas Divisional President.

Mammoth Holdings LLC acquired Today's Car Wash, a developer and operator of seven express conveyor car wash locations in Killeen, Texas (with an eighth under construction). The deal is an add-on to Mammoth's national car wash platform as part of its expansion into the Texas market and larger "drive-to-five" growth plan.

EXA Capital, a buy-and-hold software-focused investment firm based in Austin, Texas, has acquired Prista Corporation, the maker of the ActionCue CI clinical intelligence SaaS platform. Prista will operate autonomously under EXA's decentralized model and is expected to benefit from EXA's resources, networks and operations platform to support future product and customer growth.

Platt Park Capital, with debt financing and a co-investment from Source Capital (via SCCO IV) and partnership support from Gemini Investors, has acquired Hiatus Spa + Retreat, a multi-unit wellness and medical spa headquartered in Dallas, Texas. Hiatus operates eight locations across Dallas, Austin, Houston, and San Antonio and offers membership-based wellness programming alongside spa and medspa services; the investors intend to scale the business through multi-unit growth and unit-level profitability improvements.

BP Energy Partners (BPEP) has acquired a majority stake in Odessa American Industrial Machine (AIM) from AAVIN Equity Advisors. AIM is a regional provider of mission-critical repair, fabrication and aftermarket parts for natural gas compressors based in Odessa, Texas; BPEP said the investment supports the firm’s strategy to build capabilities across the natural gas value chain and accelerate AIM’s next phase of growth.

Occidental (OXY) agreed to acquire Midland-based CrownRock L.P., a joint venture of CrownQuest Operating LLC and Lime Rock Partners, in a transaction valued at approximately $12.0 billion including assumed debt. The deal expands Occidental's Midland Basin footprint with ~170 Mboed of high-margin unconventional production, ~94,000 net acres and ~1,700 undeveloped locations, and is expected to be accretive to free cash flow.

Candler Industries, Inc. acquired R&F Industries, Inc., a Luling, Texas-based developer and manufacturer of specialty oilfield and mining chemicals. The deal, advised by Generational Equity, closed on December 7, 2023 and brings R&F's clay control blends, lubricants, scale inhibitors and other additives into Candler's portfolio to expand its specialty-chemicals capabilities for drilling and mining markets.

San Antonio-based tech startup Irys has acquired Diversified Technical Services Inc. (DTSI), a longtime defense contractor now operating as a DTSI business unit of Irys. The all-cash deal preserves DTSI's name, its existing defense-sector contracts and roughly 60 employees, and gives Irys immediate past performance and capabilities to expand into government and DoD contracting.

UES, a national engineering and consulting firm, has acquired Houston-based environmental consulting firm InControl Technologies. The acquisition expands UES' environmental services capabilities in Texas and brings InControl's site assessment, remediation management, and closure expertise into UES' regional operations.

R1 RCM Inc. has entered into a definitive agreement to acquire Acclara from Providence for $675 million in cash plus warrants to purchase 12.2 million shares of R1. The deal includes a 10-year revenue cycle management agreement whereby Acclara and Providence will partner with R1, expanding R1's scale, capabilities, and long-term revenue opportunities in healthcare revenue cycle management.

Workleap, the Montreal-based employee experience software provider, has acquired Pingboard, a US-based HR tech SaaS company known for its Org Chart and Employee Directory product used by 2,000 customers. The deal expands Workleap’s product capabilities and U.S. team as the company continues to build a unified ecosystem of workplace tools following a recent $125M CAD investment from CDPQ.

Harbour Group has acquired Trelltex, Inc. (d/b/a Texcel), a Houston-based supplier of industrial and hydraulic hoses, fittings and fluid sealing products, to join its specialty-flow components platform. Texcel will operate alongside Harbour's existing platform companies (Stainless Hose Fittings, Omega One and AMFM) to expand product offering and national distribution capabilities; terms were not disclosed.

Hudson Hill Capital has made a significant majority investment in MarketTime, a Dallas-based SaaS platform that automates wholesale retail commerce for brands, manufacturers, agencies, and retailers. The partnership will support product feature expansion (including payments capabilities) and go-to-market growth to accelerate customer adoption and GMV on the MarketTime platform.

National HME, a provider of technology-enabled hospice durable medical equipment solutions, has acquired Hospice Source, a Carrollton, Texas-based supplier of medical equipment to hospice patients and facilities. The deal expands National HME's footprint and capacity to serve hospices nationwide and brings Hospice Source onto National HME's Hospice Cloud Pro platform to improve service delivery and operational efficiency.

Tygon Peak Capital has created a new internal medicine platform through its investment in Doctors of Internal Medicine (DIM) and Internal Medicine Associates of Plano (IMAP), both in the Dallas, Texas area. Greyrock Capital Group joined as a capital partner, Sunflower Bank provided senior debt, and the founding physicians (Drs. Ladan Bakhtari and Arash Tirandaz) will continue as co-CEOs as the Platform seeks to scale services and pursue organic growth and acquisitions across North Texas and beyond.

Ryan, the global tax services and software firm headquartered in Dallas, has acquired Morrison & Head, a Texas-based property tax consulting firm with offices in Austin and Houston. The deal expands Ryan's property tax footprint in Texas and brings Morrison & Head partners and staff into Ryan's Property Tax practice to broaden its client service capabilities.

Huyett acquired all assets and business of Big H Corporation (doing business as PacFas and Mobile Fasteners) in South Houston, Texas, effective December 1, 2023. The deal adds roughly 45,000 SKUs — largely threaded fasteners — to Huyett's offering, expands its machine-shop capabilities and strengthens its distributor presence in the Houston market.

Motion & Control Enterprises (MCE), a Frontenac-backed industrial distributor, has acquired Parker Hannifin Filtration (Houston), LLC (dba Filter Resources, Inc.). Filter Resources — a distributor of process liquid and air filtration products serving downstream oil & gas, petrochemical, and specialty chemical markets — will retain its brand and continue operating from its Pasadena, Texas and Lake Charles, Louisiana locations under General Manager Sidney Mondin. The deal expands MCE's filtration capabilities as an add-on to its platform.

Winsupply Inc. has acquired Milford Companies, a distributor of pipe, valve and fitting, and water works with five locations across Texas, Oklahoma and New Mexico. Financial terms were not disclosed; Milford leadership including COO-turned-president Chase Brown and CEO Shawn Beard will remain in operational roles following the transaction.

HF Sinclair Corporation completed the merger to acquire all outstanding common units of Holly Energy Partners, L.P., paying 0.3150 shares of HF Sinclair common stock and $4.00 in cash per HEP common unit. The transaction removed HEP from public trading and gives HF Sinclair full ownership of HEP's midstream terminals, pipelines and storage assets to better integrate and optimize its logistics and midstream capabilities.

RealCold, a Florida-based cold storage provider, has acquired Denton, Texas–based Forte Frozen, adding five temperature-controlled warehousing and fulfillment facilities to its network. The transaction brings Forte's team into RealCold and expands the combined company's geographic coverage and direct-to-consumer fulfillment capabilities across key U.S. markets.

HCA Healthcare has purchased a network of eleven free-standing emergency departments (FSEDs) in the greater Houston area from SignatureCare Emergency Center and its affiliates. Dinan Capital Advisors served as exclusive financial advisor to SignatureCare; SignatureCare will continue operating FSED networks outside Houston after the sale.

SilverBow Resources, Inc. closed the acquisition of Chesapeake Energy Corporation's oil and gas assets in South Texas for a $700 million purchase price (comprised of $650 million at closing and $50 million deferred), with up to $50 million of contingent consideration based on future commodity prices. The deal significantly increases SilverBow's acreage and production scale in the Eagle Ford, expanding the company's drilling inventory and transforming it into the largest public pure-play Eagle Ford operator.

Sweden-based KB Components has acquired QT Industries, LLC (dba QT Manufacturing), a Dallas-area contract manufacturer specializing in plastic injection molding and precision CNC machining. The acquisition expands KB Components' North American footprint and strengthens its presence in the Dallas/Fort Worth region.

New Home Co., an Irvine-based homebuilder backed by Apollo-managed funds, has acquired Hamilton Thomas Homes to enter the Texas market. The deal brings roughly 2,000 lots (about 12 planned communities) in Houston and Austin and retains founders John Bohnen and Jennifer Keller to lead New Home Co.'s newly formed Texas region.

Benford Capital Partners’ portfolio company Gum Products International has completed an add-on acquisition of International Protein Colloids, a Venus, Texas-based manufacturer of proprietary gelatin and protein blends for pet treat and pet food customers. The deal will expand GPI’s product portfolio and presence in the pet end market; IPC will continue operating from its current location under President David Walsh.

Validated Insights, a higher-education marketing and advertising agency based in Lincolnshire, Illinois, has acquired 32EDU (Thirty Two Edu), a higher-education market research consultancy founded in 2019. The acquisition expands Validated Insights' program and market research capabilities, combining 32EDU's OPM and higher-ed research expertise with Validated Insights' marketing services.

Montbleau Holdings, a portfolio company of Crescendo Capital Partners, has completed the acquisition of Buda Woodworks. Westlake served as exclusive financial advisor to Buda; the deal is an add-on to Montbleau's platform to expand its custom woodworking and architectural millwork capabilities.

Lead Capital Partners (LCP) made a platform investment in Viva Day Spa + Med Spa in partnership with the company's founders and management team; Petra Capital Partners and Harbert Credit Solutions invested alongside LCP. Viva operates four locations in the Austin, Texas area and will remain led by its existing management as LCP supports the company's next phase of growth and geographic expansion.

FieldWare, a Chicago-based provider of criminal justice software, has acquired Orion Communications, a Dallas-headquartered operational workforce management SaaS provider for public safety agencies. The acquisition will add Orion's scheduling, payroll and asset-management SaaS capabilities to FieldWare's case management and remote check-in solutions to expand its public-sector product suite; financial terms were not disclosed.

RoadSafe Traffic Systems, a PE-backed provider of infrastructure safety services, has acquired Dobie Supply, an Austin-based supplier and manufacturer of traffic control devices and roadway and commercial signage. The deal expands RoadSafe's traffic control distribution presence in the greater Texas market and represents the company's 11th acquisition since partnering with Investcorp and Trilantic North America in 2021.

Cetera Holdings (the holding company of Cetera Financial Group) completed the acquisition of Avantax, Inc. for $26.00 per share in cash, taking Avantax private. The deal adds Avantax's tax-focused wealth management capabilities — including 3,111 financial professionals and approximately $82.3 billion in assets under administration — to Cetera's advisor platform and strengthens its tax-centric offering and multi-custodial capabilities.

Siris, a New York-based private equity firm, has agreed to acquire BearCom, a North American provider and integrator of wireless voice, video and data solutions, from Bertram Capital. The transaction is supported by financing from MCCP (led the financing) and private-credit provider Bow River Capital; Siris plans to invest to expand BearCom's video security, private mobile networks and DAS capabilities to accelerate organic and inorganic growth.

BradyIFS + Envoy Solutions has acquired Sierra Packaging, Inc., a distributor serving the East Texas market. The deal expands BradyIFS + Envoy Solutions' footprint in Texas and adds Sierra's packaging, foodservice disposables, JanSan and safety product distribution capabilities to the platform; terms were not disclosed.