NW Natural Water, a subsidiary of Northwest Natural Holding Company (NYSE), has reached an agreement to acquire all interests of Infrastructure Capital Holdings (ICH), including Puttman Infrastructure’s assets. This acquisition will broaden NW Natural Water’s customer base by approximately 4,200 water, wastewater, and recycled water customers across Oregon, Idaho, and California, with an anticipated expansion to 19,000 connections upon full buildout.
Upon completion, Tom Puttman, president of Puttman Infrastructure and ICH, will assume the role of president of NW Natural Water. Puttman, renowned for its leadership in sustainable infrastructure, brings significant experience in investing, developing, and operating innovative water systems, having rapidly expanded the ICH utility portfolio across the western United States.
NW Natural Water’s president, Justin B. Palfreyman, emphasized the strategic significance of the acquisition, citing its expansion into the recycled water market, enhancement of existing services, and opportunities for further investments in high-growth areas. Additionally, the acquisition marks NW Natural Water’s inaugural ventures into the recycled water segment and entry into the California market.
David H. Anderson, CEO of NW Natural Holdings, expressed gratitude to Palfreyman for his leadership and highlighted NW Natural Water’s growth trajectory. He anticipates Tom Puttman’s leadership to propel NW Natural Water into its next phase of expansion, noting Puttman’s entrepreneurial mindset and industry reputation.
Tom Puttman shared his excitement about joining NW Natural Water, envisioning a collaborative journey towards growth and community service. The transaction is slated for closure in the third quarter of 2024, with Puttman joining NW Natural Water at that time.
