On Monday, Emera Inc., an international energy and services company, announced it has entered into an agreement to sell its wholly owned operating company, New Mexico Gas Company Inc. to Bernhard Capital Partners, a services and infrastructure-focused private equity management firm.
The sale was for $1.252 billion, including the assumption of approximately $500 million of debt and subject to customary closing adjustments.
Jeff Jenkins, founder and partner at BCP, says the new owners “value the strong history of New Mexico Gas Company and are committed to retaining the invaluable institutional knowledge of its employees. The leadership team and all employees will remain in place after closing, and we anticipate creating approximately 70 new, local jobs. Our priority is ensuring the continuation of reliable, affordable natural gas service to customers and communities across the state. This agreement also reinforces our commitment to fostering economic opportunities and growth in New Mexico. Albuquerque-based Strategic Management Solutions (SMSI), another BCP portfolio company, has operated in New Mexico for 25 years and generated both positive economic growth and job opportunities across the state.”
N.M. Gas Co. is led by President Ryan Shell, a GACC board member, and has been a valued partner and a Leadership Circle member since 2009. GACC Chairman of the Board Del Esparza says “BCP is fortunate to have Ryan leading the way through this transition, and it’s encouraging to hear about the commitment to New Mexico and the creation of additional jobs. We’ll support them through the process.”
Scott Balfour, president and CEO of Emera Inc., says “New Mexico Gas is a strongly regulated utility with a customer-focused team. We’re proud of the work we have done together over the past eight years to drive customer growth and enable nearly $800 million USD in strategic capital investments to expand and maintain a safe, reliable system that will serve New Mexicans for decades to come.”
Emera acquired NMGC as part of its acquisition of the TECO group of companies in 2016.
Under Emera’s ownership, NMGC has grown and remains the largest natural gas utility in New Mexico, serving over 545,000 customers and safely managing more than 12,000 miles of transmission and distribution pipelines.
The transaction is subject to regulatory approval by the New Mexico Public Regulation Commission and is expected to close in late 2025.
