Dallas is one of the most active M&A markets outside New York and Los Angeles. This list covers 13 active M&A advisors in Dallas in 2026 - deal sizes, sector focus, and verified recent transactions across energy, technology, industrials, healthcare, and business services.
Dallas M&A in 2026
Texas has no state income tax on M&A gains, which makes Dallas one of the most seller-friendly deal markets in the US. DFW is the most active lower-middle-market deal city outside New York and LA, driven by corporate relocations and strong PE buyer demand.
US deal value in 2025 rose 36% year-over-year, reaching $2 trillion-plus. Dallas-Fort Worth was a primary beneficiary, with energy, technology, and home services deals driving deal count. Generational Group alone reached 1,800 closed M&A deals and earned top-tier 2025 LSEG rankings.
Set up an Ellty data room before your first advisor meeting. Dallas buyers move fast - you don't want to be organizing financials while a serious buyer is waiting for access.
Use Ellty's secure file sharing to send your CIM with trackable links. You'll see which buyers open it and how long they spend on your revenue projections before your first management call.
| Advisor | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| Generational Group | Generational Group | Both | $5M-$250M | Manufacturing, distribution, business services, industrials, energy | generational.com |
| Pinecrest Capital Partners | Pinecrest Capital Partners | Both | $10M-$150M | Home services, managed IT, industrials, consumer, healthcare | pinecrestcap.com |
| Kratos Capital | Kratos Capital | Both | $25M-$300M | Technology, business services, industrials, healthcare, consumer | kratoscapital.com |
| Allegiance Capital | Allegiance Capital | Both | $20M-$500M | Energy, industrial manufacturing, business services, technology | allcapcorp.com |
| HamptonRock Partners | HamptonRock Partners | Sell-side | $10M-$100M | Waste, environmental services, energy services, industrials | hamptonrock.com |
| Optima Mergers & Acquisitions | Optima Mergers & Acquisitions | Sell-side | $10M-$100M | Industrials, commercial services, business services, specialty niche | theoptimateam.com |
| Telos Capital Advisors | Telos Capital Advisors | Both | $5M-$100M | Business services, technology, manufacturing, distribution | teloscap.com |
| The Vant Group | The Vant Group | Both | $1M-$50M | Franchises, service businesses, consumer, retail | thevantgroup.com |
| MDR & Associates | MDR & Associates | Both | $1M-$100M | Manufacturing, distribution, construction, services | mdrma.com |
| ESA Mergers | ESA Mergers | Both | $5M-$100M | Manufacturing, industrial, business services, software, technology | esamergers.com |
| Exit Equity | Exit Equity | Both | $5M-$100M | Business services, technology, healthcare, consumer | exitequity.com |
| Texas Capital Bank M&A | Texas Capital Bank M&A | Both | $25M-$1B+ | Energy, healthcare, technology, financial services, industrials | texascapitalbank.com |
| Murphy Business Dallas | Murphy Business Dallas | Both | $1M-$50M | Retail, restaurant, service businesses, franchises | murphybusiness.com |
How to verify a Dallas advisor's track record
Ask for a closed deal list with named buyers and deal sizes from the last 24 months. A credible Dallas M&A advisor closes multiple transactions per year with named PE and strategic buyers. Vague references to "completed transactions" without company names are a red flag.
Check whether the advisor is listed on Axial's Top 100 Lower-Middle-Market Investment Banks. Both Kratos Capital and Telos Capital Advisors have earned this designation - it's a third-party signal that buy-side members consider them worth working with.
Confirm that senior partners run the deal, not junior associates. Dallas boutiques like Optima and Pinecrest specifically structure engagements where the founding partner personally runs each process. Large national banks often hand off to junior bankers after the pitch.
Use Ellty's document analytics to track which buyers actually open your teaser before wasting time on management meetings. Read more about the due diligence process to understand what Dallas buyers check before sending an LOI.
Running an M&A process in Dallas?
Set up your data room before your first advisor meeting in Dallas.
Start free 14-day trialWhat an M&A deal looks like: 6 stages
Dallas M&A sell-side processes typically run five to seven months. Energy and home services deals can move faster when buyers are running active roll-up strategies.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1 | Preparation | Valuation, advisor selection, CIM drafted | 3 years financials, customer contracts, cap table |
| Stage 2 | Advisor engagement | Engagement letter signed, buyer list built | Engagement letter, NDA template, ownership summary |
| Stage 3 | Marketing | Teaser and CIM distributed to PE and strategic buyers | Ellty data room with CIM and teaser, trackable links |
| Stage 4 | LOI | Buyers submit bids, advisor selects top two to three | Updated financials, management presentation, LOI draft |
| Stage 5 | Due diligence | Buyer reviews contracts, financials, HR, and legal | Full Ellty data room: tax returns, contracts, IP docs |
| Stage 6 | Close | Purchase agreement signed, funds transferred, transition begins | Board approvals, wire instructions, transition plan |
13 M&A advisors working in Dallas in 2026
These firms are active in energy, technology, industrials, home services, healthcare, consumer, and business services M&A in Dallas and DFW in 2026.
1. Generational Group
Generational Group is headquartered in Dallas and is one of the most active M&A advisory firms in North America, with 250+ professionals. In January 2026, the firm announced reaching 1,800 total closed M&A deals and earned top-tier 2025 LSEG rankings. They were named Investment Banking Firm of the Year at the 24th Annual M&A Advisor Awards in November 2025.
Recent Deals: Closed CashLine Solutions sale to Western Trail Capital (February 2026). Advised on Bradley Machine & Design sale to VRTX Industrial Corp (March 2026). Sold Intecsa Engineering Group to DAR Investment Management (December 2025). Closed 20 successful deals in January 2025 alone.
LinkedIn: Generational Group on LinkedIn
Sector Focus: Manufacturing, distribution, business services, industrials, energy services
Deal Type: Both
Deal Size: $5M-$250M
Location: Dallas, TX (headquarters, national network)
Website: generational.com
2. Pinecrest Capital Partners
Pinecrest Capital Partners is a Dallas-based merchant bank that advises on transactions and invests its own capital alongside clients in select deals. The firm has closed 25 transactions as of January 2026, with $4 billion-plus in total transactional value. Pinecrest is structured differently from most Dallas boutiques - they can co-invest in the deals they advise on.
Recent Deals: Advised A#1 Air on its recapitalization to a PE-backed strategic acquirer (February 2025), one of the largest Texas home services deals of 2025. Served as exclusive financial advisor to The 20 MSP on 11 acquisitions in 2024, bringing The 20 MSP to 44 total acquisitions by November 2025. Advised Striping Technology on a 2026 transaction.
LinkedIn: Pinecrest Capital Partners on LinkedIn
Sector Focus: Home services, managed IT, industrials, consumer, healthcare
Deal Type: Both
Deal Size: $10M-$150M
Location: Dallas, TX (headquarters, national coverage)
Website: pinecrestcap.com
3. Kratos Capital
Kratos Capital is a Dallas-based M&A advisory firm managing transactions with capitalized values from $25 million to $300 million. As of May 2026, the firm has facilitated 22 deals. Kratos has been recognized as an Axial Top 100 Lower-Middle-Market Investment Bank in both 2024 and 2025 - one of the few Dallas boutiques earning back-to-back Axial recognition.
Recent Deals: Advised MDS Global IT on its acquisition by GDT (October 2024). Advised on Weldon Services acquisition by Upchurch Services (September 2024). Active in technology and industrial services M&A through 2025-2026.
LinkedIn: Kratos Capital on LinkedIn
Sector Focus: Technology, business services, industrials, healthcare, consumer
Deal Type: Both
Deal Size: $25M-$300M
Location: Dallas, TX (headquarters, Texas-wide coverage)
Website: kratoscapital.com
4. Allegiance Capital
Allegiance Capital Corporation is a Dallas investment bank founded in 1998 that has advised on 200+ transactions with aggregate value of more than $20 billion. More than two-thirds of their deals fall between $25 million and $100 million. Allegiance focuses on energy, industrial manufacturing, and business services - three of the most active DFW M&A sectors.
Recent Deals: Advised G&R Surveying on a transaction (2025). Active in energy, industrial manufacturing, and business services M&A through 2025-2026 with 200+ lifetime closed transactions.
LinkedIn: Allegiance Capital on LinkedIn
Sector Focus: Energy, industrial manufacturing, business services, technology
Deal Type: Both
Deal Size: $20M-$500M
Location: Dallas, TX (headquarters, 16400 Dallas Pkwy)
Website: allcapcorp.com
5. HamptonRock Partners
HamptonRock Partners was founded in 2019 by Stuart Brown, whose team brings 350+ transactions of combined experience from BV Investment Partners, Citigroup, and Stephens. The firm covers waste, environmental services, energy services, and industrial sub-sectors across Texas and the Southeast. Stuart Brown was a 2025 Dealmaker Finalist at ACG DFW.
Recent Deals: Advised on sale of Sandlands C&D Landfill of South Carolina to Capital Waste, expanding the buyer's waste hauling reach in the region (2025). Active in waste, environmental services, and energy services M&A through 2025-2026.
LinkedIn: HamptonRock Partners on LinkedIn
Sector Focus: Waste, environmental services, energy services, industrials
Deal Type: Sell-side
Deal Size: $10M-$100M
Location: Dallas, TX (headquarters, Southeast coverage)
Website: hamptonrock.com
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Start free 14-day trial6. Optima Mergers & Acquisitions
Optima Mergers & Acquisitions is a Dallas-based lower-middle-market sell-side boutique where founding partner Lane Carrick personally leads every engagement. Carrick is also a professor at SMU's Cox School of Business and was honored with the IBBA Platinum Award for outstanding brokerage performance in 2025. If you want a senior banker running your deal and not delegating it to junior staff, Optima is built for that.
Recent Deals: Advised Texas EcoGrow on its sale to NextGen Growth Partners (Chicago-based PE), recognized as Axial Top Industrials Deal of 2025. Lane Carrick personally ran the engagement end to end.
LinkedIn: Optima Mergers & Acquisitions on LinkedIn
Sector Focus: Industrials, commercial services, business services, specialty niche sectors
Deal Type: Sell-side
Deal Size: $10M-$100M
Location: Dallas, TX (headquarters, national coverage)
Website: theoptimateam.com
7. Telos Capital Advisors
Telos Capital Advisors is a Dallas-based investment bank founded in 2016, with each Managing Director bringing 25+ years of experience as a business operator. Their focus is on founder-owned businesses with EBITDA of $2 million-plus. Telos has earned Axial Top 100 Lower Middle Market Advisor recognition based on deal quality and process effectiveness.
Recent Deals: Active in business services, technology, and manufacturing M&A through 2025-2026. Recognized as Axial Top 100 Lower Middle Market Advisor for deal quality and buyer engagement.
LinkedIn: Telos Capital Advisors on LinkedIn
Sector Focus: Business services, technology, manufacturing, distribution
Deal Type: Both
Deal Size: $5M-$100M
Location: Plano, TX (Dallas suburb, DFW coverage)
Website: teloscap.com
8. The Vant Group
The Vant Group has completed 700+ transactions with a combined value of over $600 million since 1999. They cover franchise resales, service businesses, and consumer businesses across the Dallas metro. If your business is sub-$50M, The Vant Group closes more Dallas-area transactions annually than most competitors at that size range.
Recent Deals: 700+ total closed transactions since 1999. Active in franchise, service, and consumer business M&A in DFW through 2025-2026.
LinkedIn: The Vant Group on LinkedIn
Sector Focus: Franchises, service businesses, consumer, retail
Deal Type: Both
Deal Size: $1M-$50M
Location: Dallas, TX (headquarters, DFW coverage)
Website: thevantgroup.com
9. MDR & Associates
MDR & Associates is a multi-city Texas boutique with offices in Dallas, Fort Worth, Frisco, Austin, Houston, and San Antonio. They specialize in manufacturing, distribution, construction, and service businesses with revenues between $1M and $100M. The firm has completed 225+ transactions since 2009 and covers more Texas metro areas than any other DFW boutique.
Recent Deals: Advised Party Time Texas, a DFW event company operating for nearly 50 years, on its sale (August 2025). Completed 225+ total transactions across Texas.
LinkedIn: MDR & Associates on LinkedIn
Sector Focus: Manufacturing, distribution, construction, services
Deal Type: Both
Deal Size: $1M-$100M
Location: Dallas, TX (multiple Texas offices)
Website: mdrma.com
10. ESA Mergers
ESA Mergers (Exit Strategy Advisors) is a Dallas/Fort Worth boutique covering manufacturing, industrial, business services, and software businesses with $5M to $100M in revenue. Founder Bill Nicholson spent 20+ years as a business owner before becoming an advisor - relevant for founders who want a sell-side advisor who has personally been through a business exit.
Recent Deals: Active in manufacturing, industrial, business services, and software M&A in DFW through 2025-2026. Recognized as one of the most active Dallas advisors for sub-$25M technology and industrial transactions.
LinkedIn: ESA Mergers on LinkedIn
Sector Focus: Manufacturing, industrial, business services, software, technology
Deal Type: Both
Deal Size: $5M-$100M
Location: Dallas, TX (headquarters, DFW coverage)
Website: esamergers.com
11. Exit Equity
Exit Equity provides M&A advisory and business brokerage services across Dallas-Fort Worth with coverage in technology, healthcare, consumer, and business services. They structure engagements for founder-owned businesses from $5M to $100M in revenue. Exit Equity covers the deal sizes and sectors where larger DFW boutiques typically require minimum deal criteria before engaging.
Recent Deals: Active in Dallas-area M&A advisory for technology, healthcare, and business services businesses through 2025-2026.
LinkedIn: Exit Equity on LinkedIn
Sector Focus: Business services, technology, healthcare, consumer
Deal Type: Both
Deal Size: $5M-$100M
Location: Dallas, TX (DFW coverage)
Website: exitequity.com
12. Texas Capital Bank M&A
Texas Capital Bank's investment banking team covers energy, healthcare, technology, and financial services M&A with full deal origination and execution capability. Their 2025 outlook highlighted a busy year for high-quality industrial growth companies. For mid-market Dallas deals where a banking relationship and balance sheet matter to buyers, Texas Capital brings both advisory and lending capacity.
Recent Deals: Active in energy, healthcare, and technology M&A through 2025-2026. Published 2025 M&A outlook citing strong industrial and energy deal flow across Texas.
LinkedIn: Texas Capital Bank on LinkedIn
Sector Focus: Energy, healthcare, technology, financial services, industrials
Deal Type: Both
Deal Size: $25M-$1B+
Location: Dallas, TX (headquarters, Texas-wide coverage)
Website: texascapitalbank.com
13. Murphy Business Dallas
Murphy Business Dallas covers the lower end of the Dallas M&A market with a franchise and service business focus. Their experience spans retail, restaurant, service businesses, and franchises across DFW. Murphy Business is the right option for sub-$10M transactions where most boutiques won't engage.
Recent Deals: Active in franchise, retail, and service business M&A across DFW through 2025-2026 at the sub-$50M deal range.
LinkedIn: Murphy Business on LinkedIn
Sector Focus: Retail, restaurant, service businesses, franchises
Deal Type: Both
Deal Size: $1M-$50M
Location: Dallas, TX (DFW coverage)
Website: murphybusiness.com
How PE buyers approach Dallas acquisitions
PE firms running Texas roll-ups move faster than strategic buyers. If a PE platform is actively acquiring in your sector, you can move from first meeting to LOI in 45-60 days. Know whether your advisor has direct relationships with the active PE buyers in your industry before signing an engagement.
Energy and home services roll-ups are the most competitive buyer categories in Dallas right now. Multiple PE platforms are running active acquisition strategies in HVAC, plumbing, electrical, and oilfield services. Your advisor needs to know which ones have deployed capital and which are still fundraising.
Use Ellty's granular permissions to control which PE buyers see your margin data before they fully qualify. Send a teaser broadly, then open financial access only to buyers who submit meaningful NDAs.
How to get a warm intro to a Dallas advisor
Cold outreach to Dallas M&A advisors rarely works for the top boutiques. Most of Pinecrest, Kratos, and Allegiance Capital's deal flow comes through referrals from CPAs, attorneys, and wealth advisors who already know the founder.
Start with your existing professional network. Your Dallas CPA, business attorney, or wealth manager has likely referred clients to local M&A advisors before. Ask them directly which Dallas advisors they've seen close deals at your size and sector.
ACG Dallas/Fort Worth runs quarterly networking events that bring together DFW M&A advisors, PE firms, and deal attorneys. Read more on the mergers and acquisitions process to understand what advisors expect from founders before your first conversation.
Sell-side vs. buy-side - which do you need
Most Dallas founders looking to exit need a sell-side advisor. A sell-side advisor runs your sale process, builds the buyer list, negotiates the LOI, and manages diligence. They're paid a success fee at close, typically 3-5% for deals under $50M.
Buy-side advisors help companies find and acquire targets. If you're running an acquisition strategy - PE-backed platform add-ons, for example - a buy-side advisor sources targets and runs diligence for you. Pinecrest Capital and Kratos Capital both run active buy-side practices in DFW.
Don't confuse business brokers with M&A advisors. MDR & Associates and The Vant Group cover the sub-$25M range where brokerage is the right service. For deals above $25M, you want an investment banker running a structured process with competitive bidding. Understanding private equity deal structures helps when evaluating which type of buyer fits your exit goals.
How Ellty helps you close an M&A deal in Dallas
Once you have your Dallas advisor shortlist, get your documents organized before buyer outreach begins. Dallas buyers expect a clean data room from day one.
- 1.Upload financials, contracts, and key business docsLoad three years of financials and customer contracts before buyer outreach.
- 2.Set link permissions and share securely with buyersControl who sees margin data. Share teasers broadly, financials only after NDA.
- 3.Track which buyers review your documentsSee which PE firms and strategics open your data room and which go quiet.
Common questions about Dallas M&A advisors
- Ask for a closed deal list with company names and buyer types from the last 24 months. Advisors on Axial's Top 100 list have been vetted by active buy-side members, which is a useful third-party check.
- Expect 3-5% for deals under $50M and 1.5-3% for deals between $50M and $150M. Most boutiques also charge a monthly retainer of $5,000-$15,000 credited against the success fee.
- For deals under $100M, a Dallas boutique like Pinecrest, Kratos, or Allegiance typically delivers better buyer access and senior attention. Above $150M, national banks with DFW coverage are worth including.
- Before your first advisor meeting. Dallas buyers - especially PE platforms running active roll-ups - move fast. Having your financials organized from day one avoids delays after LOI.
- Five to seven months for most lower-middle-market deals. Energy and home services roll-up deals can move faster when buyers have active deployment mandates and pre-approved deal structures.
- Three years of financial statements, a customer list with revenue concentration, an org chart, and an overview of your key contracts. Most Dallas advisors build a preliminary valuation from these before asking for more.
