Jim Bernhard, founder & partner, Bernhard Capital Partners.
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.
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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.
The New Mexico Public Education Department is facing a $35 million deficit, which it attributes to overpayments made to Gallup-McKinley County Schools, a claim the district disputes, arguing they are being wrongly blamed for the state’s funding mismanagement.
The governor sets the agenda for the session, including for the budget, so here is what they are looking at so far.
SANTA FE, N.M. — As the regular session of the New Mexico Legislature is set to begin Jan. 20, lawmakers have already filed dozens of bills.
Bills include prohibiting book bans at public libraries and protections against AI, specifically the distribution of sensitive and “Deepfake” images
Juvenile justice reform is, again, a hot topic. House Bill 25 would allow access to someone’s juvenile records during a background check if they’re trying to buy a gun.
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Gov. Michelle Lujan Grisham sets the agenda and puts forth the proposed budget lawmakers will address during the session. The governor is calling for lawmakers to take up an $11.3 billion budget for the 2027 fiscal year, which is up 4.6% from current spending levels.
Where would that money go? More than $600 million would go to universal free child care. Meanwhile, more than $200 million would go to health care and to protect against federal funding cuts.
There is also $65 million for statewide affordable housing initiatives and $19 million for public safety.
