Tom Puttman to join company as president of NW Natural Water
NW Natural Water Company, LLC (NW Natural Water), a wholly-owned
subsidiary of Northwest Natural Holding Company (NYSE:NWN) (NW
Natural Holdings), has agreed to acquire all the interests of
Infrastructure Capital Holdings (ICH), which includes the assets of
Puttman Infrastructure (Puttman). The acquisition will add
approximately 4,200 water, wastewater and recycled water customers
across Oregon, Idaho and California, expanding to an expected
19,000 connections at full buildout. Upon closing, Tom Puttman,
president of Puttman Infrastructure and ICH, will join the company
as president of NW Natural Water.
A leader in the sustainable infrastructure market, Puttman has
significant experience investing, developing and operating
innovative water, wastewater and recycled water systems and has
rapidly grown the ICH utility portfolio across the western United
States. Both Puttman and ICH are headquartered in Portland, Oregon
and serve a variety of customers in the residential, commercial,
institutional and industrial sectors. The transaction expands NW
Natural Water’s utility portfolio as well as its services business
and marks its first investments in the recycled water segment and
entry into the California market.
“Our acquisition of Puttman and ICH strategically expands our
presence into the recycled water market, enhances our existing
water and wastewater services business, and provides further
opportunities for incremental investments in high-growth areas,”
said Justin B. Palfreyman, president of NW Natural Holdings. “In
addition, the Puttman platform offers us a tremendous pipeline of
long-term growth and development opportunities while enhancing our
utility management expertise, innovative thinking and project
delivery capabilities.”
“I’d like to sincerely thank Justin Palfreyman for his
leadership and dedication to NW Natural Water over the last six
years,” said David H. Anderson, CEO of NW Natural Holdings. “He’s
grown NW Natural Water into one of the top 20 largest privately
held water companies in the United States in a short period of
time. We look forward to Tom Puttman leading NW Natural Water as it
enters its next stage of growth. Tom and his exceptional team have
an entrepreneurial and strategic mindset, an excellent track record
and reputation in the industry, and share NW Natural Water’s core
values and its commitment to customers.”
Tom Puttman said, “Joining NW Natural Water reflects an exciting
next step for our two companies. I’m looking forward to being part
of a strong and growing water company and leading its team in the
next phase of expansion. I believe NW Natural Water has the
financial strength, resources, expertise and values to meet the
long-term needs of the communities we serve."
The transaction is expected to close in the third quarter of
2024 with Mr. Puttman joining NW Natural Water at that time.
About NW Natural Holdings
Northwest Natural Holding Company, (NYSE: NWN) (NW Natural
Holdings), is headquartered in Portland, Oregon and has been doing
business for over 165 years in the Pacific Northwest. It owns NW
Natural Gas Company (NW Natural), NW Natural Water Company (NW
Natural Water), NW Natural Renewables Holdings (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. Learn
more in our latest Community and Sustainability Report.
NW Natural is a local distribution company that currently
provides natural gas service to approximately 2.5 million people in
more than 140 communities through more than 800,000 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 owns and operates 20 Bcf of
underground gas storage capacity in Oregon.
NW Natural Water provides water distribution and wastewater
services to communities throughout the Pacific Northwest, Texas and
Arizona. NW Natural Water currently serves over 180,000 people
through approximately 74,000 meters and provide operation and
maintenance services to an additional 20,000 connections. Learn
more about our water business at nwnaturalwater.com.
Additional information is available at
nwnaturalholdings.com.
Forward-Looking Information
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, commitments, assumptions, estimates, expectations,
expenses, future events, investments, growth and development,
financial strength, resources, expertise, the water utility and
water services strategy and the related pending water acquisitions,
the likelihood, timing, and success associated with any
transaction, financial results, strategic fit, revenues and
earnings, performance, succession planning, 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 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. NW Natural Holdings’ 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 Disclosures 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 for NW Natural Holdings 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240605903434/en/
Investor Contact: Nikki Sparley Phone: 503-721-2530
Email: nikki.sparley@nwnatural.com
Media Contact: David Roy Phone: 503-610-7157 Email:
david.roy@nwnatural.com
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