NW Natural Water acquires Puttman Infrastructure and ICH, expands into California market
(UI) — NW Natural Water Company LLC, a subsidiary of Northwest Natural Holding Company, has agreed to acquire Infrastructure Capital Holdings (ICH), which includes the assets of Puttman Infrastructure.
This acquisition will add approximately 4,200 water, wastewater, and recycled water customers across Oregon, Idaho, and California, with an expected growth to 19,000 connections at full buildout. Tom Puttman, president of Puttman Infrastructure and ICH, will join NW Natural Water as president once the deal closes.
Puttman, based in Portland, Oregon, has been a leader in sustainable infrastructure, specializing in water, wastewater, and recycled water systems. This acquisition marks NW Natural Water’s first foray into the recycled water segment and entry into the California market, significantly expanding its utility portfolio.
"Our acquisition of Puttman and ICH strategically expands our presence into the recycled water market and enhances our water and wastewater services," said Justin B. Palfreyman, president of NW Natural Holdings. "The Puttman platform offers us a tremendous pipeline of long-term growth and development opportunities."
David H. Anderson, CEO of NW Natural Holdings, praised Palfreyman's leadership and expressed confidence in Tom Puttman's ability to lead NW Natural Water into its next stage of growth. "Tom and his team have an entrepreneurial and strategic mindset, an excellent track record, and share our core values and commitment to customers," Anderson said.
Tom Puttman added, "Joining NW Natural Water is an exciting next step for our companies. I look forward to leading its team in the next phase of expansion and meeting the long-term needs of the communities we serve."
The transaction is expected to close in the third quarter of 2024, with Puttman assuming his new role at that time.
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