Hearthstone Holdings closed on its acquisition of 100% of Hope Gas Inc.'s equity interests, indirectly inherited from Dominion Energy Inc., a press release announced on Aug. 31.
Based in West Virginia, Hope Gas is one of the largest local natural gas distribution companies with approximately 5,200 miles of pipes (3,200 miles of main pipes and 2,000 miles of gathering pipes) over 35 counties in the state.
“I’m pleased Hearthstone is investing in West Virginia and is committed to bringing not only affordable domestic energy to their customers but also their headquarters and job opportunities to The Mountain State,” U.S. Senator Joe Manchin commented in the release. “This is great news for the region and I look forward to seeing the positive impact of this investment for years to come."
Ullico Infrastructure Fund portfolio company Hearthstone will move its headquarters from Hartford, Conn., to Morganstown, W.Va., as part of the acquisition agreement.
The company owns and operates natural gas distribution companies across Indiana, Ohio, North Carolina, Maine and Montana, as well as water and wastewater utilities in Arizona and Michigan.
"We are excited to bring back the Hope Gas name to West Virginia,” Hope Gas and Hearthstone president and CEO Morgan O'Brien said in the release. “Customers will receive the same great utility service from great Hope Gas employees all located in West Virginia."
With Hope Gas serving over 111,000 residential, commercial and industrial customers across West Virginia, Hearthstone will be expanding its natural gas distribution operations even further across the country.
O'Brien added in the release that with the expansion, Hearthstone intends to add jobs and approximately 100 new employees to "fuel the health" of the local communities.
"We are excited to grow the business and leverage West Virginia’s abundant natural gas resources by collaborating with local natural gas producers to get more locally produced natural gas to more customers in West Virginia," he added. "Using local natural gas to enhance the economic and growth opportunities in West Virginia will attract more businesses and jobs to The Mountain State.”
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