Happy Sunday!
Texas has long been the biggest energy producer in the U.S…. but that’s not stopping us from producing more.
Two of this week’s biggest raises went to Texas companies in the power business. Frisco’s Mazama Energy raised $135 million to scale its superhot-rock geothermal technology, which aims to tap much hotter underground resources for round-the-clock power. And Houston’s Branch Energy raised $33 million for its containerized battery systems, designed to get power to commercial sites and AI infrastructure without waiting years for new grid capacity.
That’s $168 million this week for two different approaches to squeezing more power out of the energy capital of the country. Find more on that in this week’s full activity below.
Also this week: A Houston-area school district approved a tax incentive for Tesla’s proposed $10.1 billion solar manufacturing plant in Fort Bend County, though Tesla has not yet selected the Texas site.
Beacon Behavioral Partners Acquires DFW-Based Prime Psychiatry
Beacon Behavioral Partners, a physician-led network of behavioral health providers, announced on September 8 the acquisition of two new partners in North and Central Texas: Prime Psychiatry and Invicta Healthcare. The transaction collectively adds seven new locations to Beacon’s platform, deepening its network in Dallas-Fort Worth to 11 partnered locations, while providing new entry into the Austin market.
Prime, led by Dr. Efosa Airuehia, is a leading multidisciplinary provider in North and Central Texas, offering counseling and interventional psychiatry, including transcranial magnetic stimulation (TMS), medication management and psychotherapy. Prime also brings established payer contracts across major commercial insurers allowing Beacon to skip months of credentialing and integrate the platform immediately rather than build out network access from the ground up. Terms were not disclosed.
The transaction highlights Beacon’s owner, Latticework Capital Management, and its approach of buying platforms and building them through steady partnerships. Latticework took a controlling stake in Beacon in December 2020, and Resolute Capital Partners joined as a co-investor two years later. Since then, Beacon has added dozens of practices across the South, Midwest and Texas. This allows operations to unify while allowing partner physicians to retain clinical control. Rob Jardeleza became Beacon’s chief executive earlier this year, with founder Sean Wendell moving into the role of executive chairman.
Latticework had previously exited Xpress Wellness Urgent Care in 2024 to Goldman Sachs Alternatives after executing a buy-and-build strategy on the platform since 2019.
Beacon’s latest transaction is an example of a broader market shift in healthcare services while total deal count across physician practice management (PPM) remains down in 2026. Buyers are increasingly focused on value-added capital deployment over grow-at-all-costs expansion, as behavioral health has driven valuation performance across PPM for interventional treatments like TMS and Spravato through expanding coverage. Prime’s combination of interventional psychiatry, medication management, and psychotherapy, already operating under established payer relationships, is exactly the kind of built-out infrastructure buyers are paying for rather than assembling from scratch. Universal Health Services closed on the purchase of Talkspace for $835MM, valuing the virtual therapy company at roughly 53x EBITDA and providing a clear referral pathway between inpatient and virtual behavioral care.
Demand from investors into behavioral health remains strong as well. pH Partners recently acted as exclusive financial advisor to Sound Minds Behavioral Health, a leading provider of outpatient behavioral therapy, medication management and PHP/IOP services across Connecticut, Pennsylvania, New York and New Jersey, on a $26.5MM capital raise. The transaction enabled Sound Minds to pursue M&A and expand its interventional psychiatry capabilities. The raise points to the same investor logic driving Beacon and UHS: capital is following operators building multi-modal platforms that combine reimbursement-backed interventional treatment with existing outpatient infrastructure.
For patients across North Texas, the change means new backing for practices already in high demand.
—Analysis by pH Partners
pH Partners is an Austin-based boutique investment bank focused on Healthcare, Technology, and Consumer markets. Learn more at phpartners.com.
Austin
Eve Security, a developer of runtime security software governing enterprise AI agent behavior, raised $4.5M in a Seed led by Run Ventures with participation from Blu Venture Investors, Dreamit Ventures, LiveOak Ventures, and Tau Ventures. $7.5M raised to date.
Greater Texas Market
Mazama Energy (Frisco), a developer of superhot rock geothermal systems for utility-scale carbon-free power, raised $135M in a Series B co-led by Centaurus Capital and Doerr Capital with participation from ConocoPhillips, Gates Frontier, H. Barton Asset Management, Jeff and Marieke Rothschild Foundation, and others. $171M raised to date.
Persona AI (Houston), a developer of industrial humanoid robots for welding, fabrication, and heavy manufacturing, raised $65.36M in a Seed from undisclosed investors. $65.36M raised to date.
Branch Energy (Houston), a provider of containerized battery storage systems delivering on-site power for commercial customers, raised $33M in a Series B co-led by Piva Capital and Clean Energy Ventures with participation from Active Impact Investments, Inovia Capital, Prelude Ventures, Whitecap Venture Partners, and others. $53.19M raised to date.
Licube (Houston), a producer of ultra-high-purity lithium compounds for battery, semiconductor, and fusion applications, raised $8.55M in a deal from undisclosed investors. $14.55M raised to date.
M&A Activity in Texas
GDT (Dallas), a provider of data center, networking, cloud, cybersecurity, and other IT solutions, agreed to be acquired by UK-based Softcat for an enterprise value of approximately $1.05B. GDT will become a wholly owned Softcat subsidiary while retaining its name, leadership, and workforce. The transaction is expected to close by the end of Q1 2027, subject to regulatory approval.
Plains All American Pipeline (Houston) agreed to acquire Silver Creek Midstream’s Powder River Basin assets from affiliates of Tailwater Capital and The Energy & Minerals Group for approximately $585M in cash. The assets include roughly 600 miles of crude-oil pipelines, 1.2 million barrels of storage capacity, and a 49% interest in the Powder River Gateway joint venture.
Addus HomeCare (Frisco) agreed to acquire the personal care division of Dallas-based AccentCare for approximately $275M in cash. The acquired business serves about 13,700 clients across 10 states and generates approximately $280M in annualized revenue. The transaction excludes AccentCare’s hospice and home-health operations and its New York personal-care business.
Watermark Insights (Austin), a provider of institutional effectiveness software used by colleges and universities, agreed to be acquired by Main Capital Partners from TCV. Financial terms were not officially disclosed. Watermark employs more than 300 people and serves approximately 1,500 higher-education institutions.
C.H. Guenther & Son (San Antonio), a food manufacturer backed by Pritzker Private Capital, acquired House-Autry Mills, a North Carolina-based producer of breadings, coatings, seasonings, and other dry mixes. Financial terms were not disclosed.
Prism Electric (Garland), an electrical contractor serving data center, healthcare, manufacturing, aviation, and other commercial markets, was acquired by Loenbro, a portfolio company of Kohlberg & Company. Financial terms were not disclosed. Loenbro described the transaction as the largest acquisition in its history.
BKV Corporation completed its acquisition of Barnett Shale upstream, midstream, and carbon-capture assets in North Texas. The acquired portfolio includes approximately 117,000 net acres, 1,000 operated wells, 340 miles of gas gathering lines, a 180 MMcf/d gas plant, and an operating carbon-capture project. Financial terms were not disclosed.
See you next week!
—Mason & Joel
This edition was supported by Malik Osumah.
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