Houston hosts more energy M&A deal flow than any other US city in 2026. This covers 15 active advisors in Houston - deal sizes, sector focus, and recent transactions in energy, industrials, and healthcare.
Houston M&A market in 2026
US power and utilities deals hit $142B across 157 transactions in 2025. AI data centers and LNG export growth are pushing energy deal volume higher in 2026.
Houston hosts 21 Fortune 500 energy company headquarters in 2026. That density means most buyers, advisors, and engineers work within a few miles of each other.
Get your documents and due diligence materials ready before your first Houston advisor meeting. Set up an Ellty data room so buyers can start review immediately after NDA.
Most Houston advisors run competitive sell-side auctions in energy. Know your reserve metrics, midstream contracts, and buyer preferences before your first call.
| Advisor | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| GulfStar Group | GulfStar Group | Both | $25M-$350M | Energy, industrials, consumer, business services | gulfstargroup.com |
| Lazard | Lazard | Both | $100M-$50B+ | Energy, power and utilities, oil and gas, infrastructure | lazard.com |
| Petrie Partners | Petrie Partners | Both | $500M+ | Upstream oil and gas, E&P | petriepartners.com |
| Perella Weinberg Partners (TPH) | Perella Weinberg Partners (TPH) | Both | $250M+ | Upstream, midstream, energy transition, power | pwpartners.com |
| RBC Capital Markets | RBC Capital Markets | Both | $50M-$5B+ | Energy, oil and gas, power, utilities | rbccm.com |
| Houlihan Lokey | Houlihan Lokey | Both | $25M-$5B+ | Energy, industrials, healthcare, TMT | hl.com |
| Evercore | Evercore | Both | $200M+ | Energy, oil and gas, power, industrials | evercore.com |
| Goldman Sachs | Goldman Sachs | Both | $200M+ | Energy, power, oil and gas, infrastructure | goldmansachs.com |
| Jefferies | Jefferies | Both | $50M-$2B+ | Energy, oilfield services, industrials, chemicals | jefferies.com |
| Intrepid Financial Partners | Intrepid Financial Partners | Both | $25M-$500M | Traditional energy, energy transition, oil and gas | intrepidfp.com |
| Post Oak Group | Post Oak Group | Both | $10M-$250M | Energy, industrials, business services | postoakgroup.co |
| Raymond James | Raymond James | Both | $25M-$500M | Energy, industrials, healthcare, consumer | raymondjames.com |
| Piper Sandler | Piper Sandler | Both | $50M-$2B+ | Upstream, midstream, oilfield services, energy transition | pipersandler.com |
| Scotia Waterous | Scotia Waterous | Both | $100M-$5B+ | Upstream oil and gas, midstream, energy infrastructure | scotiabankenergy.com |
| Morgan Stanley | Morgan Stanley | Both | $200M+ | Energy, power, oil and gas, LNG, infrastructure | morganstanley.com |
How to check an advisor's track record
Ask for a named deal list with buyer identities, amounts, and dates from the last 24 months. An active Houston energy advisor closes 3-5 named transactions per year at minimum.
Check if the advisor covers your specific sub-sector. An upstream oil and gas advisor knows different buyers than a midstream or power advisor.
Use Ellty to capture buyer interest from your data room from day one. Seeing which buyers open your teaser tells you who to follow up with before you have offers.
Dead deals or unnamed buyers in their track record are red flags. See our Dallas M&A advisor guide for comparison context.
Running an M&A process in Houston?
Set up your data room before your first advisor meeting.
Start free 14-day trialWhat an M&A deal looks like: 6 stages
Houston energy deals run five to eight months from advisor engagement to close. Companies entering with organized financials and a staged data room move through diligence faster.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1: Preparation | Stage 1: Preparation | Valuation, advisor selection, CIM and teaser drafted | 3 years P&L, reserve report, midstream contracts |
| Stage 2: Advisor engagement | Stage 2: Advisor engagement | Engagement letter signed, buyer list targeted by buyer type | Engagement letter, NDA template, asset overview ready |
| Stage 3: Marketing | Stage 3: Marketing | Teaser and CIM distributed to PE funds and strategic buyers | Ellty data room with CIM, reserve summary, and financial model |
| Stage 4: LOI | Stage 4: LOI | Buyers submit bids, advisor shortlists top two or three | Updated production data, acreage map, LOI draft |
| Stage 5: Due diligence | Stage 5: Due diligence | Buyer reviews reserves, contracts, environmental, and HR | Full Ellty data room: reserve report, contracts, environmental, and title docs |
| Stage 6: Close | Stage 6: Close | Purchase agreement signed, assets and contracts transferred | Board resolutions, assignment filings, and operating agreements |
15 Houston M&A advisors for 2026
These firms are active in energy, industrials, healthcare, and general M&A in Houston in 2026. Mix of boutiques, energy specialists, and full-service banks covering the Houston deal market.
1. GulfStar Group
GulfStar is Houston's most active mid-market boutique, winning 4 ACG Houston awards in April 2026.
Recent Deals: Won Consumer Deal of Year (Alpha Foods Co. by MBC Companies), Energy & Oilfield Services Deal of Year, Houston Investment Bank Deal of Year, and Houston Impact Deal of Year at ACG Houston April 2026. Advised on acquisition of Cal-Chlor by PVS Chemicals (May 2026).
LinkedIn: GulfStar Group on LinkedIn
Sector Focus: Energy, oilfield services, industrials, consumer, business services
Deal Type: Both
Deal Size: $25M-$350M
Location: Houston, TX (founded 1990, 750+ transactions completed)
Website: gulfstargroup.com
2. Lazard
Lazard ranked #1 in US power sector M&A in 2024 with 23 deals worth $22.8B from its Houston office.
Recent Deals: Advised on Oncor Electric Delivery M&A ($9.45B, March 2025). Advised Invenergy on $3B strategic growth capital raise (January 2025). Ranked #1 US power M&A advisor in 2024 with 23 transactions and $22.8B in total deal value.
LinkedIn: Lazard on LinkedIn
Sector Focus: Energy, power and utilities, oil and gas, infrastructure
Deal Type: Both
Deal Size: $100M-$50B+
Location: Houston, TX and New York, NY
Website: lazard.com
3. Petrie Partners
Petrie Partners advised Pioneer Natural Resources on its $59.5B sale to ExxonMobil.
Recent Deals: Advised Pioneer Natural Resources on its $59.5B sale to ExxonMobil, one of the largest upstream acquisitions in US history. Consistently active in large-cap upstream oil and gas M&A through 2025-2026.
LinkedIn: Petrie Partners on LinkedIn
Sector Focus: Upstream oil and gas, exploration and production
Deal Type: Both (primarily sell-side)
Deal Size: $500M+
Location: Denver, CO with active Houston market coverage
Website: petriepartners.com
4. Perella Weinberg Partners (TPH)
TPH is the energy arm of Perella Weinberg Partners and the top pure-energy M&A brand for deals above $250M.
Recent Deals: Active in upstream, midstream, and energy transition M&A through 2025-2026 as the energy advisory division of Perella Weinberg Partners. TPH is the premier energy boutique for mandates above $250M with deep PE and strategic buyer relationships.
LinkedIn: Perella Weinberg Partners on LinkedIn
Sector Focus: Upstream, midstream, energy transition, power
Deal Type: Both
Deal Size: $250M+
Location: Houston, TX and New York, NY
Website: pwpartners.com
5. RBC Capital Markets (Richardson Barr)
RBC Richardson Barr is RBC's Houston energy team with global reach and leading upstream M&A market share.
Recent Deals: Active in energy M&A across upstream, midstream, and power sectors through 2025-2026. RBC Richardson Barr provides global cross-border execution from Houston with worldwide presence and leading market share across energy financing and M&A advisory.
LinkedIn: RBC Capital Markets on LinkedIn
Sector Focus: Energy, oil and gas, power, utilities, midstream
Deal Type: Both
Deal Size: $50M-$5B+
Location: Houston, TX (RBC Richardson Barr)
Website: rbccm.com
6. Houlihan Lokey
Houlihan Lokey is active in energy and industrial M&A from Houston, ranking #1 in TMT M&A by deal count globally in H1 2025.
Recent Deals: Ranked #1 TMT M&A advisor globally by deal count in H1 2025 with 34 transactions. Active in Houston energy, industrials, and healthcare M&A through 2025-2026 with dedicated sector coverage teams.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Energy, industrials, healthcare, TMT
Deal Type: Both
Deal Size: $25M-$5B+
Location: Houston, TX (national coverage)
Website: hl.com
Selling an energy asset in Houston?
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Start free 14-day trial7. Evercore
Evercore is consistently rated a top-three prestige choice for large-cap Houston energy M&A.
Recent Deals: Consistently active in large-cap energy, power, and industrial M&A through 2025-2026. Evercore is ranked among the top three prestige banks for Houston energy mandates and is involved in marquee asset transactions each year.
LinkedIn: Evercore on LinkedIn
Sector Focus: Energy, oil and gas, power, industrials, infrastructure
Deal Type: Both
Deal Size: $200M+
Location: Houston, TX and New York, NY
Website: evercore.com
8. Goldman Sachs
Goldman Sachs advises on large-cap energy, power, and LNG M&A with dedicated Houston deal teams.
Recent Deals: Active in large-cap energy, power infrastructure, and LNG M&A through 2025-2026 with Houston teams covering upstream, midstream, and power sector transactions across the US energy market.
LinkedIn: Goldman Sachs on LinkedIn
Sector Focus: Energy, power, oil and gas, LNG, infrastructure
Deal Type: Both
Deal Size: $200M+
Location: Houston, TX and New York, NY
Website: goldmansachs.com
9. Jefferies
Jefferies covers energy, oilfield services, and industrials M&A from Houston for mid and large-cap deals.
Recent Deals: Active in energy, oilfield services, industrials, and chemicals M&A through 2025-2026 with Houston-based deal teams covering middle and large-cap transactions across the US energy market.
LinkedIn: Jefferies on LinkedIn
Sector Focus: Energy, oilfield services, industrials, chemicals
Deal Type: Both
Deal Size: $50M-$2B+
Location: Houston, TX and national coverage
Website: jefferies.com
10. Intrepid Financial Partners
Intrepid Financial Partners focuses exclusively on traditional energy and energy transition M&A from Houston.
Recent Deals: Active in traditional energy and energy transition M&A through 2025-2026, advising companies and capital providers on corporate mergers, acquisitions, divestitures, and strategic initiatives from their Houston base.
LinkedIn: Intrepid Financial Partners on LinkedIn
Sector Focus: Traditional energy, energy transition, oil and gas, power
Deal Type: Both
Deal Size: $25M-$500M
Location: Houston, TX
Website: intrepidfp.com
11. Post Oak Group
Post Oak is a Houston-based boutique covering M&A and capital markets across energy and industrials.
Recent Deals: Active in Houston mid-market M&A advisory across energy, industrials, and business services through 2025-2026, providing a full suite of capital markets and M&A services to middle-market companies.
LinkedIn: Post Oak Group on LinkedIn
Sector Focus: Energy, industrials, business services
Deal Type: Both
Deal Size: $10M-$250M
Location: Houston, TX
Website: postoakgroup.co
12. Raymond James
Raymond James advises on energy and mid-market M&A from Houston with strong buyer relationships nationally.
Recent Deals: Active in energy, industrials, and healthcare M&A through 2025-2026. Raymond James operates one of the largest middle-market investment banking platforms in the US with dedicated energy sector coverage from Houston.
LinkedIn: Raymond James on LinkedIn
Sector Focus: Energy, industrials, healthcare, consumer
Deal Type: Both
Deal Size: $25M-$500M
Location: Houston, TX and national coverage
Website: raymondjames.com
13. Piper Sandler (Simmons Energy)
Piper Sandler's Simmons Energy division is one of the most dedicated energy M&A franchises in the US.
Recent Deals: Named 2025 Outstanding M&A Investment Bank of the Year by the Global M&A Network. Simmons Energy division active in upstream, midstream, and oilfield services M&A through 2025-2026 with deep sector buyer relationships.
LinkedIn: Piper Sandler on LinkedIn
Sector Focus: Upstream, midstream, oilfield services, energy transition
Deal Type: Both
Deal Size: $50M-$2B+
Location: Houston, TX and national coverage
Website: pipersandler.com
14. Scotia Waterous
Scotia Waterous is Scotiabank's dedicated energy M&A arm, active in large upstream and midstream deals.
Recent Deals: Active in upstream oil and gas, midstream, and energy infrastructure M&A through 2025-2026 as Scotiabank's dedicated energy advisory arm, covering US and Canadian energy deal flow with deep PE and strategic buyer relationships.
LinkedIn: Scotia Waterous on LinkedIn
Sector Focus: Upstream oil and gas, midstream, energy infrastructure
Deal Type: Both
Deal Size: $100M-$5B+
Location: Houston, TX and Calgary, Canada
Website: scotiabankenergy.com
15. Morgan Stanley
Morgan Stanley advises on large-cap energy, LNG, and power infrastructure M&A with Houston deal teams.
Recent Deals: Active in large-cap energy, power infrastructure, and LNG M&A through 2025-2026 with dedicated Houston coverage for the US energy sector, including upstream consolidation and power infrastructure transactions.
LinkedIn: Morgan Stanley on LinkedIn
Sector Focus: Energy, power, oil and gas, LNG, infrastructure
Deal Type: Both
Deal Size: $200M+
Location: Houston, TX and New York, NY
Website: morganstanley.com
How Houston energy M&A differs
Energy M&A in Houston uses deal structures you won't see in tech or consumer M&A. Reserve-based lending, production metrics, and PDP/PUD breakdowns drive valuations here.
PE buyers in energy focus on EBITDA margin, reserve life, and midstream contract terms. Strategic acquirers from majors and integrated firms evaluate asset fit and basin overlap.
Upstream deals often close faster than platform or midstream transactions. Our financial due diligence guide explains what energy buyers check in each stage.
Cross-border M&A is active in Houston - Mitsubishi acquired Aethon Energy for $7.5B in 2025. International buyers from Japan, Canada, and the Middle East are active in Houston deals in 2026.
How to approach Houston M&A advisors
Most Houston advisors get mandates through referrals from lawyers, PE firms, or other advisors. The ACG Houston network is the most direct path to intros with mid-market boutiques.
Read the virtual data room guide for energy companies to prepare your documents before reaching out. Showing up with organized documents signals maturity to any advisor.
Advisors in Houston will ask about your reserve report, midstream contracts, and buyer preference. Have answers ready for deal size, seller motivation, and exit timeline before your first call.
Houston advisors compare mandates quickly - they know the buyer pool better than you do. See how advisors operate in other markets via our Chicago M&A advisor guide.
Energy M&A fees and engagement terms
Houston energy advisors typically charge 2-5% success fees on deals under $250M. Retainer fees range from $50K to $200K per month depending on deal complexity and firm tier.
Most boutiques require a 12-month exclusive engagement with extension clauses. Check whether the tail provision extends fee liability beyond the engagement period before signing.
Large-cap energy advisors at bulge brackets often waive retainers for high-probability mandates. For deals above $500M, modified Lehman formulas reduce the percentage from the standard 2-5% range.
Always compare fee structures before signing - they vary widely across boutiques and bulge brackets. Use Ellty's security features to protect sensitive financial data during any advisor outreach process.
How Ellty helps you close an M&A deal in Houston
You have your Houston advisor shortlist. Here is how to prepare your documents before buyer outreach begins.
- 1.Upload financials, reserves, and deal documentsAdd your reserve report and financials before your advisor contacts buyers. Upload the CIM and contracts to the data room before outreach begins.
- 2.Set buyer-specific permissions by deal stageControl who sees reserve reports vs financial summaries by stage. Share overview docs before NDA and full data room after.
- 3.Track which buyers engage with your documentsSee who opens your CIM and how long they spend on each section. Real-time alerts help you follow up at the right moment in the process.
Common questions about Houston M&A advisors
- Most large Houston advisors cover energy alongside industrials and healthcare. Boutiques like GulfStar and Post Oak also work across consumer, business services, and manufacturing sectors.
- Most upstream and midstream deals run five to eight months from engagement to close. Deals with complex environmental or regulatory issues can take ten to twelve months.
- Expect 2-5% for deals in the $25M to $200M range, with minimum fees from most boutiques. Transactions above $500M use modified Lehman formulas that reduce the percentage significantly.
- Yes - organize your reserve report, financials, and contracts before your first meeting. Set up an Ellty data room to show buyers you are ready to move through diligence quickly.
- PE firms, energy majors, and international strategic buyers are the three dominant buyer groups in Houston. Japanese, Canadian, and Middle Eastern acquirers have been especially active in 2025-2026.
