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Texas regional M&A update: H2 2024

March 26, 2025

Revitalizing Texas M&A: trends and insights

Baker Tilly Capital, LLC recently released their Texas mergers and acquisitions (M&A) update report, which highlights the middle market transactions in Texas in H2 2024.

Here are some key takeaways from the report:

• Middle market M&A activity in Texas increased significantly in H2 2024. The number of announced transactions rose by 39.4% compared to H1 2024
• H2 2024 recorded a total of 46 announced middle market M&A transactions
• The cumulative value of middle market M&A transactions reached $12.4 billion during H2 2024, marking a 48.7% increase from H1 2024
• Reported average enterprise value/revenue multiples increased from 3.2x in H1 2024 to 3.6x in H2 2024. Average enterprise value/EBITDA multiples also increased from 8.7x in H1 2024 to 10.9x in H2 2024
• Strategic buyers remained the most active buyer type, representing approximately 61.9% of closed transactions with reported data during H2 2024
• The industrials and energy sectors were the most active during H2 2024, accounting for 43% of M&A deals announced. The financials and information technology sectors followed, representing 15% and 13% of the transactions announced during H2 2024. Communication services accounted for 7% of all M&A deals announced in Texas during H2 2024, while consumer discretionary, healthcare, materials, and consumer staples each represented the remainder

Get the full picture

For an in-depth look at M&A activity in Texas, download a copy of the Texas regional M&A update: H2 2024. The report includes:

• Regional market activity
• M&A activity by market segment
• Transaction profiles for middle market M&A activity
• Buyers and targets by location
• Transactions by industry sector