Serving the High Plains
Serving the High Plains
New Mexico Gas Co., which serves Tucumcari, has been sold to a private equity management firm that pledges to increase the utility’s workforce by up to 70 people.
Emera Inc., based in Canada, announced the sale last week of New Mexico Gas to Bernhard Capital Partners for $1.252 billion, including about $500 million in debt.
The sale is subject to approval by the New Mexico Public Regulation Commission. The sale is expected to close in late 2025.
Jeff Jenkins, founder and partner of Bernhard Capital Partners, stated in a news release he company anticipates creating another 70 new jobs at New Mexico Gas after the sale.
Tim Korte, manager of communications at New Mexico Gas, said in an email that all customer payment centers, including the one in Tucumcari, would remain open.
New Mexico Gas announced in July it would impose a 7% increase in natural gas rates by October after receiving clearance for it from state regulators.
Korte said the purchase by Bernhard Capital Partners would have no effect on the rate change.
“The new rates that will take effect October 1 have been approved by the Public Regulation Commission,” Korte stated. “An application to approve the sale is a separate action from the rate request, and it still needs to be filed with the PRC — most likely in the fall.”
Emera had owned New Mexico Gas since 2016 and developed it into the largest natural gas utility in the state, with 545,000 customers and 12,000 miles of pipeline.
“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,” said Scott Balfour, president and CEO of Emera.
Bernhard Capital Partners also has investments in nearly 70 companies, including several utilities, that employ 20,000 people across the globe.