PORTLAND, Ore., Oct. 31, 2019 (GLOBE NEWSWIRE) — NW Natural Water Company, LLC (NW Natural Water), a wholly-owned subsidiary of Northwest Natural Holding Company (NYSE:) (NW Natural Holdings), has agreed to acquire T&W Water Service Company in Conroe, Texas.
T&W is a privately-owned company that serves approximately 9,000 people through 3,500 connections in the Houston-The Woodlands-Sugar Land metropolitan area.
“Our team launched our water strategy by focusing on opportunities in the Northwest,” said David H. Anderson, NW Natural Holdings president and CEO. “Now that we’ve built a strong foundation in our backyard, we’ve expanded our opportunity set to include high potential areas west of the Mississippi. We believe there is strong economic, regulatory and growth potential in Texas and that the Conroe community is particularly well-situated for future growth.”
“NW Natural Water is the right partner for our company,” added Ron Payne, president of T&W Water. “We know they will support our communities, invest in the business to ensure continued high-quality and safe service, and care for our employees the same way our family-run business has for decades.”
The acquisition is subject to customary closing conditions, including approval by the Public Utility Commission of Texas and is expected to close in 2020. Upon closing outstanding transactions, NW Natural Water expects to have invested nearly $110 million in the water sector and serve 62,000 people through approximately 25,000 connections in the Pacific Northwest and Texas.
About NW Natural Holdings
Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon, and through its subsidiaries has been doing business for 160 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), and other business interests and activities.
NW Natural is a local distribution company that currently provides natural gas service to approximately two million people in more than 140 communities through more than 750,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores.
NW Natural Holdings’ subsidiaries own and operate 35 Bcf of underground gas storage capacity with NW Natural operating 20 Bcf in Oregon.
NW Natural Water currently provides water distribution and wastewater services to communities throughout the Pacific Northwest. When outstanding transactions close, NW Natural Water expects to serve 62,000 people through approximately 25,000 connections. Learn more about our water business at nwnaturalwater.
Additional information is available at nwnaturalholdings.
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FORWARD LOOKING STATEMENTS
This report, and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, goals, strategies, assumptions, estimates, expectations, expenses, future events, investments, reliability, customer and business growth, customer rates or rate recovery, the water utility strategy and the related pending water acquisitions, acquisition integration, the likelihood, timing, and success associated with any transaction, financial results, accretion or financial projections, strategic fit, revenues and earnings, performance, timing or effects of future regulatory proceedings or future regulatory approvals, and other statements that are other than statements of historical facts.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A “Risk Factors,” and Part II, Item 7 and Item 7A “Management‘s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosure about Market Risk” in NW Natural Holdings’ most recent Annual Report on Form 10-K, as updated by subsequent filed reports, and in Part I, Items 2 and 3 “Management‘s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” and Part II, Item 1A, “Risk Factors,” in such company‘s quarterly reports filed thereafter.
All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Natural Holdings, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.