Bernhard Capital Partners has completed its acquisition of New Mexico Gas Company from Emera, adding the state’s largest regulated natural gas utility to its expanding portfolio of essential infrastructure businesses.
The transaction closed following approval from the New Mexico Public Regulation Commission.
Financial terms were not disclosed in the announcement.
Headquartered in Albuquerque, New Mexico Gas Company serves more than 550,000 homes and businesses throughout the state.
The utility provides energy service to approximately 1.3 million people and operates more than 12,000 miles of pipelines.
NMGC has approximately 750 employees across 26 offices and ranks among the 40 largest U.S. natural gas utilities based on customer count.
Following the acquisition, New Mexico Gas Company will continue operating under its existing name and management team.
The company will also maintain its Albuquerque headquarters.
Bernhard plans to support continued investment in NMGC’s network while maintaining a focus on system reliability, affordability, and safety.
The acquisition adds another regulated utility to Bernhard’s infrastructure portfolio.
Its existing utility investments include National Water Infrastructure, Clear Current, Delta Gas Company, and Magnolia Gas Company.
The private markets firm has also announced an agreement to acquire Cleco in a separate transaction that remains subject to approvals and closing conditions.
Bernhard focuses on infrastructure services and asset platforms in industries characterized by long-term demand and significant operating complexity.
The firm manages more than $6 billion of assets.
Adding NMGC gives Bernhard a sizable regulated utility serving residential and commercial customers across an entire state.
The transaction also expands the firm’s exposure to energy distribution infrastructure, an area where long-lived physical assets and regulatory frameworks create a different operating profile from many conventional private equity investments.
KEY QUOTES:
“Essential infrastructure is what enables strong communities and growing economies. That belief has guided Bernhard Capital Partners since our founding, and it is why we invested in New Mexico Gas Company.”
“NMGC is a well-managed utility with a talented workforce, a proven track record and an essential role in New Mexico’s future. We are proud to welcome NMGC into the Bernhard portfolio and look forward to working with NMGC’s management team, employees, regulators and communities to support continued investment, operational excellence and an unwavering focus on delivering safe, reliable and affordable natural gas service.”
Jeff Jenkins, Founder and Managing Partner of Bernhard Capital Partners
