New Mexico

Emera Announces Sale of New Mexico Gas Company to Bernhard Capital Partners

Published

2 years ago

August 5, 2024

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Emera Announces Sale of New Mexico Gas Company to Bernhard Capital Partners

This news release constitutes a “designated news release” for the purposes of Emera’s prospectus supplement dated November 14, 2023, to its short form base shelf prospectus dated October 3, 2023.

HALIFAX, Nova Scotia & BATON ROUGE, La. & ALBUQUERQUE, N.M., August 05, 2024–(BUSINESS WIRE)–Emera Inc. (“Emera”) (TSX:EMA), an international energy and services company, today announced it has entered into an agreement to sell its wholly owned operating company, New Mexico Gas Company, Inc. (“NMGC”), to Bernhard Capital Partners (“BCP”), a services and infrastructure-focused private equity management firm, for an aggregate transaction value of $1.252 billion USD, including the assumption of approximately $500 million USD of debt and subject to customary closing adjustments.

“This transaction strengthens Emera’s balance sheet, supports our ambitious capital plan and reinforces our strategic decision to optimize our portfolio and reallocate capital to our highest growth markets to drive long-term value for our shareholders,” says Scott Balfour, President and CEO, Emera Inc. “New Mexico Gas is a strong 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.

“As an operator of premium electric and gas utilities in high-growth jurisdictions, we have compelling opportunities ahead of us, driven by electrification, decarbonization and the need for increased resilience against climate-related challenges,” adds Balfour. “We will move forward to execute on these opportunities with a stronger balance sheet, a more focused operating model and a disciplined capital investment plan.”

The purchase price and transaction value respectively represent approximately 23x last 12 months earnings and 1.42x rate base. Estimated after-tax net proceeds of approximately $750 million USD will be used to repay holding company debt and support its investment opportunities in its regulated utility businesses. The transaction is expected to improve the company’s CFO to debt metrics by 50 bps and reduce its proportion of holding company leverage by 200 bps.

“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. “We 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.”

BCP has an extensive operation footprint across the United States. It also recently announced agreements to acquire multiple leading natural gas LDCs that serve communities in the Gulf South. To date, BCP has invested in nearly 70 companies across 20 platforms, including several utility companies, that collectively employ approximately 20,000 people globally.

The transaction is subject to regulatory approval by the New Mexico Public Regulation Commission (“NMPRC”) and pursuant to the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close in late 2025, but will not close before September 30, 2025, unless otherwise authorized by the NMPRC.

J.P. Morgan Securities LLC is acting as exclusive financial advisor to Emera in this transaction. Davis Polk & Wardwell LLP is serving as Emera’s legal advisor. Jefferies LLC is serving as the exclusive financial advisor to Bernhard Capital with Kirkland & Ellis LLP serving as their legal advisor.

About Emera
Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $39 billion in assets and 2023 revenues of $7.6 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution, with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and the Caribbean.

About Bernhard Capital Partners
Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. Bernhard Capital Partners has deployed capital in four funds across several strategies and has more than $4 billion of gross assets under management. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating, and growing services and infrastructure businesses. For more information, visit www.BernhardCapital.com.

Forward Looking Information
This news release contains forward‐looking information within the meaning of applicable securities laws, including statements concerning Bernhard Capital Partners’ acquisition of NMGC and the timing for closing. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward‐looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward‐looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward‐looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240805118025/en/

Contacts

Emera Media
Dina Bartolacci Seely
media@emera.com

Bernhard Capital Partners Media
Ed Trissel / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

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New Mexico

Santa Fe National Forest, other Northern New Mexico land, announce fire restrictions

Published

3 hours ago

April 1, 2026

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Santa Fe National Forest, other Northern New Mexico land, announce fire restrictions

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New Mexico

New Mexico State women’s basketball’s 3 best March Madness moments

Published

15 hours ago

April 1, 2026

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New Mexico State women’s basketball’s 3 best March Madness moments

New Mexico State’s women’s basketball team has entered a new era with the hiring of Adeniyi Amadou as its new coach. He’ll try to take the Aggies back to the NCAA Tournament, where they appeared multiple times in the 1980s and 2010s.

NM State has six NCAA Tournaments, four conference tournament championships (all won as part of the Western Athletic Conference) and eight regular-season conference championships to its name in women’s basketball. The Aggies have reached the second round of the NCAA Tournament once in 1988, although that was when teams could receive first-round byes if they were a high enough seed (they were a No. 6 seed then and lost to Washington in their first NCAA Tournament game).

Let’s look back on some of those seasons. Here are the three best March Madness moments in NM State’s women’s basketball history:

First conference tournament win (2015)

NM State began its WAC dynasty in 2015.

The Aggies won their first-ever conference tournament in women’s basketball in the 2015 WAC Tournament. NM State was the regular-season conference champion and earned the No. 1 seed and a bye to the semifinals of the WAC Tournament as a result. The Aggies went 2-0 to secure a conference tournament championship.

Bolstered by 22 points from Sasha Weber and 16 rebounds from Brianna Freeman, NM State pulled out a 79-75 overtime win in the semifinals over Seattle. Another 20 points from Weber helped the Aggies win the WAC Tournament championship game 70-52 over UT-Pan American (which has since merged with UT-Brownsville to form UTRGV) and reach the NCAA Tournament for the first time since 1988. Freeman was named the WAC Tournament MVP.

Three in a row (2017)

The Aggies would then make it three consecutive WAC Tournament championships two years later.

NM State entered the 2017 WAC Tournament with a perfect 14-0 conference record, and it kept that unbeaten run going. The Aggies defeated UMKC (now referred to as Kansas City) 71-63 in the semifinals thanks to four players scoring in double figures, including Moriah Mack’s 21 points in 40 minutes of action. NM State then took down Seattle 63-48 in the championship game off the back of a double-double from Tamera William at 19 points and 10 rebounds.

Mack won the WAC Tournament MVP that year. She scored 18 points against the Redhawks in the championship game. It was the third and final WAC Tournament championship for then-coach Mark Trakh before he joined USC.

Resilience in overtime (2019)

Another regular-season conference championship wasn’t enough in 2018, as the Aggies lost to Seattle in the semifinals. But NM State got back on its perch in the WAC in the following year.

Guided by second-year coach Brooke Atkinson, the Aggies needed two overtime victories to win the 2019 WAC Tournament after defeating Chicago State in the quarterfinals (the WAC Tournament went from seven to eight teams starting in 2018, with no byes to the semifinals). The first one came in a 91-80 win over UMKC after NM State allowed just five points in overtime. The Aggies were forced into double overtime during the championship game against UTRGV, which ended with a 76-73 win.

Gia Pack scored 86 points across the WAC Tournament, including 36 against UMKC, to win the tournament’s MVP. Brooke Salas scored a team-high 29 points in the championship game.

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New Mexico

‘Just incredibly creative’: Tinkertown near Albuquerque prepares for the season

Published

1 day ago

March 31, 2026

Press Room

‘Just incredibly creative’: Tinkertown near Albuquerque prepares for the season

BERNALILLO COUNTY, N.M. (KRQE) — Wood carvings, glass bottles, and other odds and ends help make up an art museum tucked away on Sandia Crest Road. It all started over 40 years ago with a man aiming to be as creative, as curious, and as open to experience as possible – Ross Ward.

“I often describe a walk through the museum as kind of walking through the head and the heart of my dad… You begin to understand that this person was very passionate, very curious, very excited, and just incredibly creative,” said Ross’s daughter, Tanya Ward Goodman. “And it inspired you to do the same.”

Tinkertown is an artist-built environment that first opened its doors in 1983. There you can find animated miniature figures, various artifacts from Ross’s travels, and thousands of glass bottles, among much more. The spot has been around for quite a bit now, but they’ve recently made an exciting new change that’s been in the works for years.

“We have turned the entire museum into a 501(c)(3),” said Tanya. “And our mission is to preserve and protect the work and the artistic legacy of Ross Ward and translate his vision into a rousing call to live a more creative and colorful life.” Tanya added that it “has always been a little bit of a self-sustaining enterprise… the fact that all proceeds already went into the operation and management of the museum, it really isn’t a huge leap for us.”

Their main goal as a non-profit? To ramp up art and writing workshops while encouraging rural collaboration between New Mexico artists. It’s also a way to potentially bring more helping hands to the museum.

“My dad died in 2002. He had early onset Alzheimer’s. He was diagnosed at 57, and he died at 62. And my stepmother, Carla Ward, has been running the museum since his death, and she’s getting to a place where she would like to retire or take some steps back,” said Tanya. “I think she’ll always be involved because she loves it and it’s been such a deep labor of love on her part… We had been sort of exploring different options and thinking about how to keep the museum open while also having some sort of retirement for her, and we would need to bring in extra people.”

The change comes in time for Tinkertown’s 2026 season opening on Friday, April 3, with a grand opening celebration on Sunday, April 5 – Ross’s birthday. There will be live music, cake, book signings, and more. “I wrote a memoir called ‘Leaving Tinkertown’ that was published by the University of New Mexico Press,” said Tanya. “I will be signing books. University of New Mexico Press will sell that book. We have other books about Tinkertown. Other authors will be there.”

As for the 2026 season overall, Tinkertown hopes to see more familiar faces and new faces alike come through the doors. “People come from not only all over New Mexico and the rest of the U.S., but all over the world,” said Tanya. “We have a huge map and there are, by the end of the season, there are colored pins in almost every continent and country in the world… I think what I hope that they learn is just that if you have an idea and an interest that you can follow that and wonderful things will happen.”

You can learn more about Tinkertown on their website.

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