Generational Equity is pleased to announce the acquisition of its client, Hughes Gas Resources Inc., by EPCOR Water Inc. (EPCOR USA). The transaction closed June 2, 2017.
Hughes Gas Resources, based in Pinehurst, Texas, provides natural gas utility service to approximately 4,300 connections and wholesale natural gas transmission services to local distribution utilities.
"It has been a pleasure and an honor to develop Hughes into the business it is today and to provide natural gas service to the people and businesses in our area," said Frank Hicks, President of Hughes. "EPCOR has the same core values of providing service that is safe and reliable, and they are committed to continuing the Hughes tradition of delivering these values to our customers, employees, and community."
EPCOR USA is an indirect, wholly owned subsidiary of EPCOR Utilities Inc. Headquartered in Phoenix, Arizona, EPCOR USA's wholly owned subsidiaries build, own and operate water, wastewater and natural gas facilities and infrastructure in the southwestern United States. EPCOR's North American footprint includes 125 years of expertise in utility operations, distribution and transmission, delivering power and water service to more than 1.9 million people in 100 communities. Hughes is EPCOR USA's ninth acquisition since entering the United States in 2011.
"Acquiring Hughes fits well with our growth strategy and our desire to grow and diversify our U.S. business platform," said Joe Gysel, President of EPCOR USA. "We are excited to bring natural gas into our U.S. operations and to expand our footprint in the state of Texas, and we look forward to delivering the high-quality service EPCOR is known for to our newest customers."
Generational Equity Managing Directors Michael Goss and Julie Sandoval successfully closed the deal. Senior Managing Direction James Carr established the initial relationship with Hughes Gas Resources.
“Frank Hicks and Real Provencher built an amazing business at Hughes Gas Resources, and have served their community and the local economy well for many years,” said Goss. “The team at EPCOR USA is dedicated to expanding affordable service to the surrounding communities, and further developing its market reach in Texas, and Hughes Gas Resources represents a strong natural gas platform from which to build upon.”
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