Bernhard Capital Partners has completed its acquisition of New Mexico Gas Company (NMGC) from Emera in a transaction valued at approximately $1.25bn.

NMGC is a natural gas utility in New Mexico, US.

The deal, first announced in August 2024, received its final approval from the New Mexico Public Regulation Commission (NMPRC) in late July.

NMGC is said to be the state’s largest regulated natural gas utility, supplying more than 553,000 customers via a pipeline network of over 19,300km.

The company, which employs more than 750 staff, will operate under its current name and management team and will remain headquartered in Albuquerque.

Emera acquired NMGC in 2016 as part of its purchase of the TECO Energy group of companies.

Emera president and CEO Scott Balfour said: “This approval marks an important milestone for Emera and supports our long-term growth objectives.

“We appreciate the NMPRC’s thorough review and decision and thank the New Mexico Gas team for their unwavering focus on customers.

“We are confident Bernhard is committed to building on that strong foundation and supporting the continued success of New Mexico Gas for customers, employees and communities across the state.”

The sale to Bernhard will result in after-tax net proceeds between $650m and $700m for Emera.

Emera stated that the funds will be directed towards investments in its regulated utility businesses and for repayment of company debt.

Bernhard, focused on infrastructure and services investments, has expanded its portfolio with this transaction. Its other holdings in the regulated utility sector include National Water Infrastructure, Clear Current, Delta Gas Company and Magnolia Gas Company.

Bernhard founder and managing partner Jeff Jenkins said: “Essential infrastructure is what enables strong communities and growing economies. That belief has guided Bernhard Capital Partners since our founding, and it is why we invested in New Mexico Gas Company.

“NMGC is a well-managed utility with a talented workforce, a proven track record and an essential role in New Mexico's future.

“We are proud to welcome NMGC into the Bernhard portfolio and look forward to working with NMGC's management team, employees, regulators and communities to support continued investment, operational excellence and an unwavering focus on delivering safe, reliable and affordable natural gas service.”