NW Natural Water Company, LLC (NW Natural Water), a wholly-owned
subsidiary of Northwest Natural Holding Company (NYSE:NWN),
recently signed agreements that launch its water and wastewater
services business through the acquisition of Hiland Water
Corporation and King Water Company, which currently serve
approximately 15,000 connections.
Through the services business, NW Natural Water plans to provide
operations and management support to water and wastewater system
owners, working to create value by leveraging shared personnel,
technology and expertise to help deliver clean, reliable water at a
reasonable cost to customers.
The formation of this new services business is a natural
extension of the company’s water and wastewater utility ownership
business. It provides an opportunity to create long-term value by
continuing to broaden NW Natural Water’s scope, expand its
footprint, and serve additional customers and systems.
“I’m excited about this opportunity to continue the expansion of
our water and wastewater business and bring additional talent from
Hiland Water and King Water into our organization,” said Justin
Palfreyman, NW Natural Water’s president. “These two acquisitions
provide a strong platform that we believe can be scaled in the
coming years. They allow us to continue doing what we’re passionate
about: serving water and wastewater utility customers with a keen
focus on safety, reliability and superior service.”
Silas Olson, General Manager of Hiland Water said, “Joining the
NW Natural Water family is an exciting step for our business. We
believe our partnership with NW Natural Water will provide
additional financial strength, resources and expertise to support
more water and wastewater utilities as they meet the needs of their
communities.”
Established in 1991, King Water Company is a top-rated local
business based in Coupeville, Washington and has consistently
served nearly 200 systems in Northwest Washington including Whidbey
Island, Skagit and Snohomish counties. Operating since 1997, Hiland
Water Corporation is based in Newberg, Oregon and has regularly
served over 30 systems throughout Oregon. The NW Natural Water
family has welcomed the companies’ collective 40 employees to their
new water services business.
The King Water acquisition closed on April 30. Hiland Water,
which also owns roughly 2,300 water utility connections, is
expected to close later this year following receipt of regulatory
approvals. Upon closing of all pending acquisitions, NW Natural
Water will serve over 168,000 people through nearly 68,000 meters
and support about 15,000 connections through its services
business.
About NW Natural Holdings
Northwest Natural Holding Company (NYSE: NWN) is headquartered
in Portland, Oregon and has been doing business for over 160 years.
It owns NW Natural Gas Company (NW Natural), NW Natural Water
Company (NW Natural Water), NW Natural Renewables and other
business interests.
We have a longstanding commitment to safety, environmental
stewardship and the energy transition, and taking care of our
employees and communities. NW Natural Holdings was recognized by
Ethisphere® in 2022 and 2023 as one of the World’s Most Ethical
Companies®. NW Natural consistently leads the industry with high
J.D. Power & Associates customer satisfaction scores. Learn
more in our latest ESG Report at
nwnatural.com/about-us/the-company/sustainability.
NW Natural Water currently provides water distribution and
wastewater services to communities throughout the Pacific
Northwest, Texas and Arizona. Learn more about our water business
at nwnaturalwater.com.
Additional information is available at
nwnaturalholdings.com.
“World’s Most Ethical Companies” and “Ethisphere” names and
marks are registered trademarks of Ethisphere LLC
Forward Looking Statements
This press release, and other releases and 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," “assumes,” “continues,”
“could,” "intends," "plans," "seeks," "believes," "estimates,"
"expects," “will,” 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, growth and development, financial strength,
resources, expertise, the water and wastewater utility strategy and
related pending acquisitions, the likelihood, timing, and success
associated with any transaction or conditions related thereto, the
ability to scale businesses, financial results, value creation,
strategic fit, revenues and earnings, performance, water and
wastewater services and delivery, operations and maintenance
support, safety, environmental stewardship, the energy transition,
and other statements that are other than statements of historical
facts.
Forward-looking statements are based on our current expectations
and assumptions regarding NW Natural Holdings’ business, the
economy, geopolitical factors, 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. Actual results may differ materially from
those contemplated by the forward-looking statements. You are
therefore cautioned against relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future operational, economic, or
financial 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 NW Natural Holdings’ 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 NW Natural Holdings undertakes 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 to
predict all such factors, nor it is it possible to 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230509005454/en/
Business Development Contact: Nicholas Whitley, 832-714-1732,
nicholas.whitley@nwnatural.com Investor Contact: Nikki Sparley,
503-721-2530, nikki.sparley@nwnatural.com Media Contact: David Roy,
503-610-7157, david.roy@nwnatural.com
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