Tracked deals
8
8 tracked deals across 2018-2026.
Utilities Buyers & Acquisitions in Texas
Buyer mix
PE-led
8 pe · 4 strategic
Top trend
Volume peaked in 2024
2 tracked deals announced in 2024.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Ara Partners Group | 1 | Alternative asset manager focused on industrial, chemical... | PE |
| Brookside Capital Partners | 1 | Provider of flexible capital (subordinated debt, unitranc... | PE |
| Gainline Capital Partners | 1 | Private equity firm investing in U.S. middle-market compa... | PE |
| Graycliff Partners | 1 | Alternative investment manager providing unitranche and s... | PE |
| Kodiak Gas Services, Inc. | 1 | Provides contract compression, distributed power, and ene... | Strategic |
| LP First Capital | 1 | Austin-based private investment firm focused on lower mid... | PE |
| Levine Leichtman Capital Partners | 1 | Middle-market private equity firm employing a structured ... | PE |
| Ridgewood Infrastructure LLC | 1 | Infrastructure-focused private investment firm investing ... | PE |
| SJW Group | 1 | Investor-owned water and wastewater utility providing reg... | Strategic |
| SJWTX Inc. (dba Canyon Lake Water Service Company) | 1 | Texas-based water and wastewater utility subsidiary of SJ... | Strategic |
Acquisition Volume in Utilities in Texas by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
February 9, 2026
- Buyer
- Kodiak Gas Services, Inc.
- Target
- Distributed Power Solutions, LLC
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Kodiak Gas Services, Inc. completed its previously announced acquisition of Distributed Power Solutions, LLC (DPS) in a cash-and-stock transaction. DPS has been rebranded as Kodiak Power Solutions, a division of Kodiak Gas Services, expanding Kodiak into turnkey distributed and behind-the-meter power generation.
-
September 25, 2024
- Buyer
- LP First Capital, Graycliff Partners, Brookside Capital Partners
- Target
- REI Utility Services
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
LP First Capital has acquired REI Utility Services, a Texas-based provider of joint-use management and field engineering services for electric cooperatives. The transaction was supported by unitranche debt and an equity co-investment from Graycliff Partners and Brookside Capital Partners; REI's management team will remain in place as the firm pursues geographic and service expansion.
-
February 22, 2024
- Buyer
- Levine Leichtman Capital Partners
- Target
- USA Water
- Seller
- Warren Equity Partners
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Levine Leichtman Capital Partners (LLCP) has acquired USA Water from Warren Equity Partners, with management reinvesting and continuing to lead the company. Headquartered in Rosenberg, Texas, USA Water provides operations and maintenance (O&M) services for water and wastewater systems across the Southeast United States; LLCP plans to broaden its service capabilities and geographic footprint through organic growth and strategic acquisitions.
-
- Buyer
- Gainline Capital Partners
- Target
- Flagship Power
- Seller
- Utility Rescue Holdings, Inc.
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Gainline Capital Partners has purchased a majority interest in Flagship Power, a Texas-based retail electricity provider founded by Utility Rescue Holdings. Utility Rescue remains a significant shareholder and Flagship’s management team will stay in place as Gainline supports growth and the launch of new services such as "Flagship PLUS."
-
January 25, 2022
- Buyer
- SJWTX Inc. (dba Canyon Lake Water Service Company), SJW Group
- Target
- Texas Country Water
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
SJW Group’s Texas subsidiary, SJWTX Inc. (dba Canyon Lake Water Service Company), has closed the acquisition of Texas Country Water (TCW) in Comal County, Texas. The acquisition — the fourth Texas purchase by SJWTX in the past 12 months — adds more than 100 customers to SJWTX’s footprint as the company continues geographic expansion and infrastructure investment in the Austin–San Antonio growth corridor.
-
October 7, 2020
- Buyer
- Warren Equity Partners, USA Water Holdings, LLC
- Target
- Si Environmental, LLC
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Addon
Warren Equity Partners formed USA Water Holdings and, together with the platform, acquired Si Environmental (SIE) as the inaugural add-on to a buy-and-build water and wastewater platform. USA Water, based in Houston, will pursue consolidation of small and mid-sized water/wastewater utilities and O&M service providers while SIE will continue to operate as a subsidiary under its existing management.
-
September 30, 2019
- Buyer
- Ridgewood Infrastructure LLC
- Target
- SiEnergy, LP
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Ridgewood Infrastructure LLC has acquired SiEnergy, LP, a regulated natural gas local distribution company serving roughly 25,000 customers across the Houston, Dallas–Fort Worth and Austin, Texas metropolitan areas. Ridgewood said the deal expands its portfolio of essential infrastructure assets and will support SiEnergy’s continued growth under its existing management team.
-
October 1, 2018
- Buyer
- Ara Partners Group
- Target
- Centric Gas Services, LLC
- Seller
- Barnwell Family
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Ara Partners acquired a majority stake in Centric Gas Services, a Magnolia, Texas-based local natural gas distribution platform that serves approximately 14,500 customers across Texas. The Barnwell family, founders of Centric, retain a substantial minority ownership while Ara Partners provides capital and strategic support to expand Centric’s infrastructure and service footprint.
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