Emera Inc., an international energy holding company headquartered in Canada, has entered into an agreement to sell its wholly owned subsidiary New Mexico Gas Company Inc. to Baton Rouge-based Bernhard Capital Partners.
The local private equity firm will acquire NMGC for an aggregate transaction value of $1.252 billion including the assumption of about $500 million in debt, according to a statement. The transaction is subject to regulatory approval by the New Mexico Public Regulation Commission and is expected to close in late 2025.
Based in Albuquerque, New Mexico, NMGC maintains over 12,000 miles of transmission and distribution pipelines and provides service to more 545,000 commercial, residential and transportation customers. It is the largest natural gas utility in New Mexico. Emera acquired NMGC as part of its acquisition of TECO Energy Inc. in 2016.
“This investment directly aligns with Bernhard Capital’s strategy to invest in infrastructure assets and utilities that are critical to building more resilient communities,” says Jeff Jenkins, founder and partner at Bernhard Capital Partners.
News of the transaction follows a string of acquisitions by Bernhard Capital Partners. Just this year, it has acquired a nuclear consulting firm, a government technology services provider and a multidisciplinary development advisory and program management company.
