The Greater Albuquerque Chamber of Commerce presented testimony in support of Bernhard Capital Partners’ proposed acquisition of New Mexico Gas Company at the Public Regulation hearing held Tuesday, Oct. 28.
Chamber President and CEO Terri Cole and Board Chair Peter Lorenz spoke on behalf of the Chamber’s business community, emphasizing the critical importance of the acquisition for New Mexico’s economic future.
The Chamber’s board voted unanimously in favor of the proposed acquisition at its Oct. 23 Board meeting and expressed confidence in the acquisition, especially for plans by BCP for infrastructure modernization and a commitment to maintaining local operations and employment across New Mexico, which will benefit customers, businesses and communities across New Mexico for years to come.
The testimony from Cole and Lorenz emphasized that the proposal represents a strategic opportunity to strengthen New Mexico’s energy infrastructure at a time when such an investment is critical to our state’s competitiveness and quality of life.
For these reasons, we believe this is the right path forward for our state’s energy future and urge the Public Regulation Commission to approve the Bernhard Capital Partners acquisition of New Mexico Gas Company.
Peter Lorenz testimony:
“Mr. Chairman and members of the Commission, thank you for the opportunity to speak with you today.
“My name is Peter Lorenz, and I currently serve as the board chair of the Greater Albuquerque Chamber of Commerce where we represent the diverse business community in the greater Albuquerque metro area. I am also the CEO of Unirac. Unirac is a national market leader for solar mounting products, and we manufacture many of our products right here in ABQ.
“I am here today to express the Chamber’s strong support for Bernhard Capital Partners’ proposed acquisition of New Mexico Gas Company.
“Reliable and affordable energy keeps our local economy running. At Unirac, we count on steady natural gas service to power our operations — and so do many other businesses across New Mexico. New Mexico Gas Company has earned our trust over the years, and we’re confident that this proposed acquisition will make that partnership even stronger moving forward.
“Bernhard Capital Partners is well-suited to support New Mexico Gas Company in continuing its successful operations. The firm has a proven history of strategic investment in infrastructure and energy services companies. With their investments, they provide long-term capital and demonstrate a strong commitment to sustainable growth, efficient operations and excellent customer service. That kind of long-term investment is exactly what New Mexico Gas needs as we address the challenges of aging infrastructure and meet the growing energy demands of businesses like Unirac.
“There are sometimes misconceptions among those unfamiliar with private equity investors such as Bernhard Capital Partners. At Unirac, we have been owned by private equity investors since 2016, and their partnership has been instrumental to our success. They’ve supported my leadership team and me in strengthening Unirac — enhancing the value we deliver to customers and ensuring our employees share in that success.
Bernhard Capital Partners’ proposal reflects that same approach. They are committed to maintaining local operations and jobs across New Mexico, retaining the existing management team to ensure continuity and establishing an independent board composed primarily of New Mexico community and business leaders. Their investment promises to further strengthen New Mexico Gas Company’s contribution to our communities.
“The Chamber recognizes that your duty is to ensure acquisitions serve the public interest. We believe this proposal meets that standard. On behalf of the Greater Albuquerque Chamber of Commerce and our business community, I urge the Commission to approve Bernhard Capital Partners’ acquisition of New Mexico Gas Company.
Thank you for your time.”
Testimony from Terri Cole:
“Mr. Chairman and members of the Commission, thank you for the opportunity to speak with you today.
“My name is Terri Cole and I serve as president and CEO of the Greater Albuquerque Chamber of Commerce. The Chamber represents member businesses throughout the Albuquerque metropolitan area, ranging from small family-owned enterprises to major employers. Our mission is to champion a thriving business environment that creates jobs, drives economic growth and enhances the quality of life for all New Mexicans.
“I am here today to express the Chamber’s strong support for Bernhard Capital Partners’ proposed acquisition of New Mexico Gas Company.
“Reliable, affordable energy is the backbone of our economy. Our member businesses depend on stable natural gas service for their operations, and our residents rely on it to heat their homes and power their lives. New Mexico Gas Company has been a trusted provider for decades, and we believe this proposed acquisition will strengthen that foundation for the future.
“Bernhard Capital Partners brings significant experience as strategic investors in infrastructure, energy and services companies. They have already invested in another energy-focused company in New Mexico. Their track record demonstrates a commitment to excellence, customer service and long-term capital investment- exactly what New Mexico needs as we face the challenges of aging infrastructure and growing energy demands.
“Several aspects of this proposal give us confidence. Bernhard Capital Partners has committed to maintaining local operations and employment across New Mexico. They plan to keep the existing management team in place, which ensures us continuity. They will maintain an independent board made up primarily of community and business leaders from New Mexico. And their commitment to continued investment in infrastructure modernization will enhance system reliability and safety.
“From an economic development perspective, a well-capitalized utility partner is essential for attracting new businesses and support existing growth. This acquisition positions New Mexico Gas Company to meet current demands and support future economic development.
“The Chamber recognizes that your role is to ensure any acquisition serves the public interest. We believe this proposal does exactly that, providing financial stability, connection to the expertise in other gas utilities BCP owns, and a commitment to investment that will benefit ratepayers and our economy for years to come.
“On behalf of the Greater Albuquerque Chamber of Commerce, we respectfully urge the Commission to approve Bernhard Capital Partners’ acquisition of New Mexico Gas Company.
“Thank you for your time.”