NW Natural Water Announces Acquisition of Puttman Infrastructure and Infrastructure Capital Holdings

Tom Puttman to join company as president of NW Natural Water

PORTLAND, Ore.--(BUSINESS WIRE)-- 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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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

Source: NW Natural