Ridgewood Infrastructure Announces Sale of SiEnergy Regulated Utility

Rhea-AI Summary

Ridgewood Infrastructure has announced the sale of its 80% stake in SiEnergy to Northwest Natural Holding Company (NYSE: NWN). SiEnergy operates as a regulated natural gas utility serving residential and commercial customers in the Houston, Dallas, and Austin metropolitan areas.

Under Ridgewood's ownership since 2019, SiEnergy has experienced significant growth, expanding its customer base from approximately 20,000 to over 70,000 customers, establishing itself as one of the fastest-growing natural gas distribution utilities in the nation. RBC Capital Markets served as financial advisor, while White & Case LLP provided legal counsel for the transaction.

Positive

• Significant customer base growth from 20,000 to 70,000+ under Ridgewood's ownership
• Strategic acquisition by NYSE-listed Northwest Natural Holding Company (NWN)
• Strong presence in major Texas metropolitan markets (Houston, Dallas, Austin)

Negative

• None.

News Market Reaction – NWN

+1.53%

1 alert

+1.53% News Effect

On the day this news was published, NWN gained 1.53%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Jan. 8, 2025 /PRNewswire/ -- Ridgewood Infrastructure, a leading infrastructure investment firm focused on essential infrastructure in the U.S. lower middle market, today announced the successful sale of its 80% interest in SiEnergy to Northwest Natural Holding Company (NYSE: NWN).

SiEnergy is a regulated utility providing essential natural gas services to residential and commercial customers in the greater metropolitan areas of Houston, Dallas, and Austin. Since acquiring the business in 2019, Ridgewood Infrastructure has led the transformation of SiEnergy into one of the fastest-growing natural gas distribution utilities in the nation. Under Ridgewood's stewardship, SiEnergy organically expanded its service base from approximately 20,000 to more than 70,000 customers.

"SiEnergy exemplifies Ridgewood Infrastructure's continued ability to create differentiated investments on behalf of our investors," said Michael Albrecht, Managing Partner of Ridgewood Infrastructure. "Our focus on operational and service excellence ensured the company was able to scale and will benefit SiEnergy's customers for years to come."

Albrecht added: "We are pleased with the accomplishments of SiEnergy, which reflect the dedication of the company's leadership team, employees, and partners, all of whom have played a pivotal role in its success."

RBC Capital Markets, LLC acted as exclusive financial advisor and White & Case LLP as legal advisor to Ridgewood Infrastructure.

About Ridgewood Infrastructure

Ridgewood Infrastructure is a leading infrastructure investor in the U.S. lower middle market with sectors of focus including Water, Energy Transition, Transportation, and Utilities. For more information, visit www.ridgewoodinfrastructure.com.

Contact Information:
Ridgewood Infrastructure
527 Madison Avenue, 18th Floor
New York, NY 10022
Phone: (212) 867-0050
Inquiries@RidgewoodInfrastructure.com

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SOURCE Ridgewood Infrastructure

FAQ

How many customers did SiEnergy grow to under Ridgewood Infrastructure's ownership?

Under Ridgewood Infrastructure's ownership from 2019, SiEnergy grew its customer base from approximately 20,000 to more than 70,000 customers.

Which markets does SiEnergy serve as a natural gas utility?

SiEnergy serves residential and commercial customers in the greater metropolitan areas of Houston, Dallas, and Austin, Texas.

What percentage stake did Northwest Natural Holding Company (NWN) acquire in SiEnergy?

Northwest Natural Holding Company (NWN) acquired Ridgewood Infrastructure's 80% interest in SiEnergy.

When did Ridgewood Infrastructure initially acquire SiEnergy?

Ridgewood Infrastructure acquired SiEnergy in 2019.

Who served as advisors in the SiEnergy sale to NWN?

RBC Capital Markets, acted as exclusive financial advisor, and White & Case LLP served as legal advisor to Ridgewood Infrastructure.