NW Natural Expands Texas Footprint with $60 Million Hughes Gas Acquisition
(P&GJ) — NW Natural Holding Company has completed its $60 million acquisition of Hughes Gas Resources, Inc. from EPCOR USA, further expanding its Texas operations. The deal was finalized through its wholly owned subsidiary, SiEnergy Operating LLC.
Hughes serves roughly 6,900 natural gas connections across 12 communities northeast of Houston. The company is expected to reach a $46 million rate base by the end of 2025 and brings with it a contracted customer backlog of approximately 11,000.
With a growth model similar to SiEnergy’s, Hughes has expanded by supplying infrastructure to residential and commercial developments in high-growth regions. NW Natural said the transaction is expected to be accretive in its first full year.
“Hughes is a great fit for us and a logical step as we expand our Texas utilities,” said Justin B. Palfreyman, president and CEO of NW Natural Holdings. “I'm excited the team has completed this acquisition, which enhances the scale of SiEnergy and positions the Company for further growth.”
“I’m pleased to close this acquisition and begin serving additional customers in Texas,” added June Dively, president of SiEnergy. “Our gas utilities share a laser focus on providing safe, reliable service to benefit our customers and communities. I’m thrilled to welcome Hughes into our family and look forward to continued growth.”
Following the acquisition, Hughes is expected to be rebranded as Pines Holdings, Inc.
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