Fund managed by BlackRock Real Assets’ Global Energy & Power
Infrastructure group, formerly First Reserve Energy Infrastructure Funds
CLEVELAND & NEW YORK--(BUSINESS WIRE)--Aug. 4, 2017--
A fund managed by BlackRock Real Assets’ Global Energy & Power
Infrastructure group has completed the acquisition of Gas
Natural Inc. (NYSE American: EGAS). The proposed transaction was
initially announced in October 2016 by First Reserve Energy
Infrastructure Funds, which BlackRock Real Assets acquired in June 2017.
The acquisition of Gas Natural establishes a new platform in the natural
gas distribution space for BlackRock’s Global Energy & Power
Infrastructure group. Gas Natural will benefit from enhanced access to
capital while continuing to provide safe, reliable and cost-effective
natural gas service. Gas Natural distributes and sells approximately 21
billion cubic feet of natural gas to roughly 70,000 residential,
commercial and industrial customers through regulated utilities
operating in Montana, Ohio, Maine and North Carolina.
About Gas Natural Inc.
Gas Natural Inc., a holding company, distributes and sells natural gas
to residential, commercial and industrial customers. It distributes
approximately 21 billion cubic feet of natural gas to roughly 70,000
customers through regulated utilities operating in Montana, Ohio, Maine
and North Carolina. The Company’s other operations include intrastate
pipeline, natural gas production and natural gas marketing. Its strategy
for growth is to expand throughput in its markets, while looking for
acquisitions that are either adjacent to its existing utilities or in
under-served markets. Further information is available on the Company’s
website at www.egas.net.
About BlackRock Real Assets
BlackRock, the largest investment manager in the world, sits at the
intersection of global capital and Real Asset investing opportunities.
With deep industry expertise, demonstrated access to proprietary deals
and a purely fiduciary mindset, our experienced investment professionals
leverage BlackRock's risk management capabilities, global reach and deep
local presence to deliver compelling investment opportunities to meet
our clients' needs. BlackRock provides investors with Private Real
Estate Debt & Equity, Real Estate Securities and Infrastructure Debt &
Equity via funds, co-investments and managed accounts, and currently has
approximately $36.5 billion in invested and committed Real Estate and
Infrastructure assets and capital as of May 31, 2017. Our approximately
365-person team is based in 25 offices globally.*
Part of BlackRock’s Real Assets platform, the Global Energy & Power
Infrastructure team owns and operates energy infrastructure assets
across North America, Latin America, Europe and Southeast Asia. The team
is a strategic partner to its portfolio companies, management teams and
counterparties through global investments focused on power, regulated
transmission and distribution, midstream and other contracted energy
assets. Since 2010, the Global Energy & Power Infrastructure team has
announced or closed more than 20 strategic investments.
*Includes combined invested and committed capital to BlackRock’s Real
Assets platform and First Reserve Energy Infrastructure Funds, as well
as headcount and office locations from the First Reserve Energy
Infrastructure Funds transaction as of May 31, 2017.
Safe Harbor Regarding Forward-Looking Statements
The Company is including the following cautionary statement in this
release to make applicable and to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 for
any forward-looking statements made by, or on behalf of, Gas Natural
Inc. Forward-looking statements are all statements other than statements
of historical fact, including, without limitation, those that are
identified by use of the words "anticipates," "estimates," "expects,"
"intends," "plans," "predicts," "believes" and similar expressions. Such
statements are inherently subject to a variety of risks and
uncertainties that could cause actual results to differ materially from
those expressed. Factors that may affect forward-looking statements and
the Company's business generally include, but are not limited to the
Company's ability to successfully integrate the operations of the
companies it has acquired and consummate additional acquisitions; the
Company's continued ability to make or increase dividend payments; the
Company's ability to implement its business plan, grow earnings and
improve returns on investment; fluctuating energy commodity prices; the
possibility that regulators may not permit the Company to pass through
all of its increased costs to its customers; changes in the utility
regulatory environment; wholesale and retail competition; the Company's
ability to satisfy its debt obligations, including compliance with
financial covenants; weather conditions; litigation risks; and various
other matters, many of which are beyond the Company's control; the risk
factors and cautionary statements made in the Company's public filings
with the Securities and Exchange Commission; and other factors that the
Company is currently unable to identify or quantify, but may exist in
the future. Gas Natural Inc. expressly undertakes no obligation to
update or revise any forward-looking statement contained herein to
reflect any change in Gas Natural Inc.'s expectations with regard
thereto or any change in events, conditions or circumstances on which
any such statement is based.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170804005398/en/
Source: Gas Natural Inc.
Gas Natural Inc.
James E. Sprague, 216-202-1564
Kei Advisors LLC
Deborah K. Pawlowski,
L. Howard, 716-843-3942