It has been quite an ascent for Maverick Power.
Back in 2024, the McKinney-based company claimed the top spot on the SMU Cox Dallas 100, an annual ranking of the region’s fastest-growing privately held companies. A year later, Maverick was back near the top, coming in at No. 3.
And this August, the company reached another major milestone, one that few 6-year-old companies could imagine: a deal to be acquired by global electronic products company nVent Electric for $1.75 billion, with the potential for another $550 million depending on future performance. The deal closed on Oct. 1.
The company’s rapid growth reflects its ability to capitalize on the soaring demand for data centers and AI infrastructure. But it also represents something bigger: the entrepreneurial vitality that has made North Texas one of the country’s most dynamic business environments.
“What it really means for small businesses is that you can build big companies here and have significant exits,” says Josh Taylor, executive director for the William S. Spears Institute for Entrepreneurial Leadership at SMU Cox. “And I think that creates a lot of excitement.”
Established by the Cox School’s Caruth Institute for Entrepreneurship, the Dallas 100 has been recognizing the homegrown businesses fueling the region’s economy for 36 years.
“Maverick Power exemplifies what the Dallas 100 celebrates,” says Professor of Practice Emily Choi, the Linda A. and Kenneth R. Morris Endowed Director of the Caruth Institute for Entrepreneurship and its executive director. “They identified an extremely meaningful need in the market, and then they built an organization that was able to scale.”
From startup to $1.75 billion acquisition
Maverick Power’s growth story is closely tied to one of the biggest economic trends of the last few years: the explosive demand for data centers.
Founded in 2020, Maverick manufacturers engineered power distribution systems, including switchgear, control panels and other equipment that helps deliver reliable power to data centers. With the onset of generative AI bringing incredible demand for computing infrastructure, Maverick has been well-positioned to capitalize.
The results speak for themselves. Today, the company employs some 900 people across Texas and Arizona, and it’s on track to generate around $700 million in revenue this year.
“This is a significant milestone for our company, and we are thrilled to be joining nVent,” says Tom Currier, president and CEO of Maverick. “Together, we will deliver a broader power and cooling portfolio for data center customers.”
The deal’s closure serves as a testament to what a young North Texas company can accomplish in a remarkably short period of time.
Pinpointing rapid growth
Maverick Power is one of thousands of businesses that have earned a place on the Dallas 100 since its inception in 1990. That’s when then-Caruth Institute Director Jerry White collaborated with Founder and then-President Lane Kramer of The CEO Institute to celebrate the top 100 fastest-growing privately held entrepreneurial companies in the Dallas area.
Choi says the effort came about at a time of recession when the business news in the area was less than flattering.
“They wanted to bring life to the Dallas business community,” Choi says. More recently, the Dallas 100 has expanded its focus to startups across all of Dallas-Fort Worth and surrounding counties.
Maverick Power exemplifies what the Dallas 100 celebrates. They identified an extremely meaningful need in the market, and then they built an organization that was able to scale.
Professor of Practice Emily Choi, Executive Director and Linda A. and Kenneth R. Morris Endowed Director of the Caruth Institute for Entrepreneurship
To qualify, businesses must be independently owned, privately held and headquartered in North Texas. They must have revenue ranging from $1 million to $250 million. The year Maverick Power topped the list, the 100 companies making up the list generated annual sales of more than $3.5 billion, with average growth rates of 80% over a three-year period.
The companies on the list are united by an exceptional rate of growth, but they get there in a wide variety of ways. Maverick Power is not the “stereotypical tech startup,” as Taylor says. It’s an industrial infrastructure company built to take advantage of a unique point in time.
“That’s representative of Dallas—our local economy here cuts across so many sectors: technology, healthcare, financial services, consumer manufacturing,” Taylor says. “You don’t have to be solely focused on consumer or business technology to be successful.”
The next generation
North Texas continues to see a steady stream of corporate relocations, brought on by its business-friendly environment. And that opens doors for the next Maverick Power to emerge. Beyond AI infrastructure, Taylor sees entrepreneurs here targeting opportunities across fintech, life sciences, and supply chain technology, among other sectors.
“It’s an amazing time to be in Texas, and it’s an amazing time specifically to be in Dallas and North Texas,” he says.
For SMU Cox, the Dallas 100 continues to be a key lever in nurturing that momentum and highlighting how local independent businesses drive the area's economy. Through the Caruth and Spears institutes, the school plays a central role in connecting entrepreneurs and business leaders to the broader community.
Maverick’s success serves as a lesson: Find a meaningful market need, assemble the right team and execute aggressively. Those that do so may find themselves on a future edition of the Dallas 100.
“What we hope is that you make it on the list,” Choi says, “and then you graduate—up and out.”
The Dallas 100, presented by the Caruth Institute for Entrepreneurship, is celebrating its 36th year of recognizing the area’s top 100 entrepreneurial success stories. To join this year’s celebration, purchase your tickets by Friday, November 6th.
