Ullico’s infrastructure fund (“UIF”) has announced that it signed a definitive agreement to acquire 100% of the equity interests in Hope Gas, Inc., a regulated gas distribution company located in West Virginia. UIF will acquire Hope Gas from Dominion Energy, Inc. The transaction is expected to close during the second half of 2022, subject to the satisfaction of customary closing conditions.
Founded in 1898, Hope Gas is now one of the largest local distribution companies in West Virginia. UIF plans to integrate Hope Gas with its existing local distribution business, Hearthstone Utilities, Inc. As part of the definitive agreement, Hearthstone has agreed to move its headquarters to West Virginia, further highlighting the importance of the acquisition to the portfolio.
“We are pleased to have represented Ullico in this acquisition of Hope Gas, and on its recently completed acquisition of Hearthstone Utilities”, said Milbank partner John Franchini. “We believe the addition of Hope Gas to the Hearthstone platform, together with the leadership of Morgan O’Brien, Hearthstone’s President and Chief Executive Officer, and UIF, will be transformative to Hearthstone and add value to the West Virginia economy.”
Milbank LLP is advising UIF in connection with its acquisition of Hope Gas with a deal team led by Global Corporate partner John Franchini, along with Global Corporate partner Aaron Stine, Global Corporate associate Ross Shepard and Global Corporate special counsel John Garces. Advice was also provided by Global Corporate associates Frank Pensabene and Christina Wing; Global Project, Energy & Infrastructure Finance partner Dan Michalchuk with associates Chad Richards and Katherine (Kat) Hannah; Tax partner Max Goodman and associate Michael Rivkin; Executive Compensation and Employee Benefits partner Joel Krasnow, of counsel Jane Hanson, and associates James Beebe and Jon Sorger; Environmental partner Matt Ahrens and associate Allison Sloto.
