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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Bernhard Capital acquires New Mexico Gas from Emera for $1.25 billion

August 16, 2024 by PBOG

Private equity investment firm Bernhard Capital Partners said last week it agreed to acquire New Mexico Gas Co., wholly owned operating company of Halifax-based Emera, in a transaction valued at $1.252 billion. The deal includes $500 million of debt. Scott Balfour, president and CEO of Emera, said Aug. 6, “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 … expand and maintain a safe, reliable system that will serve New Mexicans for decades to come.”
Jeff Jenkins, founder and partner at Bernhard Capital, said the leadership team and all employees of NMGC will remain in place after closing in late 2025. The largest natural gas utility in New Mexico, NMGC serves 545,000 customers and manages 12,000 miles of pipelines.

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