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NW Natural Water Expands Through Five Acquisitions

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Company adds water and wastewater customers in Washington, Idaho and Texas

NW Natural Water Company, LLC (NW Natural Water), a wholly-owned subsidiary of Northwest Natural Holding Company (NYSE:NWN) (NW Natural Holdings), recently completed two acquisitions and signed three additional agreements to acquire utilities near its existing service territories, furthering the company’s growth strategy in the water utility sector.

Closed acquisitions include Morning View Water Company in the Idaho Falls area and Del Bay Association in Freeland, Washington. In addition, NW Natural Water subsidiaries have executed the following acquisition agreements: Troy Hoffman Water Corporation in northern Idaho; Belle Oaks Water & Sewer Co. in southeast Texas; and Pelican Point Water Co. in Washington.

The recent and pending acquisitions reflect the continued traction of NW Natural Water’s growth strategy, and the company’s success in expanding its presence around the communities it serves.

"We’re excited to see NW Natural Water expand and grow across our service footprint through these tuck-in acquisitions. It demonstrates the value we can bring to the sector and the strength of our business and community relationships," said Justin Palfreyman, NW Natural Water’s president. "We’re pleased to welcome these new customers into our family and provide them with clean, safe and reliable water and wastewater services. We look forward to enhancing customer service and investing in these communities for the future."

When these acquisitions close, NW Natural Water will serve approximately 65,000 people through over 27,000 connections and is expected to have invested approximately $111 million in the water sector cumulatively.

"I’m pleased with our acquisition progress and our proven ability to operate these systems safely and reliably," said David H. Anderson, NW Natural Holding’s president and CEO. "I look forward to continuing to actively pursue growth opportunities across the United States. As a result of our focus and efforts to date, NW Natural Water is well positioned for future growth."

NW Natural Water remains focused on disciplined growth through acquisitions. In addition, NW Natural Water can provide utility services to new developments, master-planned communities, and other water and wastewater projects.

About NW Natural Holdings

Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 160 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), and other business interests.

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 770,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural owns and operates 20 Bcf of underground gas storage capacity in Oregon.

NW Natural Water currently provides water distribution and wastewater services to communities throughout the Pacific Northwest and Texas. After pending acquisitions close, NW Natural Water will serve approximately 65,000 people through approximately 27,000 connections. Learn more about our water business at nwnaturalwater.com.

Additional information is available at nwnaturalholdings.com.

FORWARD LOOKING STATEMENTS

This report, and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, goals, strategies, assumptions, estimates, expectations, expenses, future events, water and wastewater investments, system modernization, reliability, service territory, customer and business growth, customer satisfaction ratings, customer rates or rate recovery, the water utility growth strategy and priorities, acquisitions and the completion, integration, and effects thereof, the likelihood, timing, and success associated with any transaction, financial results, accretion or financial projections, strategic fit, revenues and earnings, performance, timing or effects of future regulatory proceedings or future regulatory approvals, and other statements that are other than statements of historical facts.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors," and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in NW Natural Holdings’ most recent Annual Report on Form 10-K, as updated by subsequent filed reports, and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk," and Part II, Item 1A, "Risk Factors," in such company's quarterly reports filed thereafter.

All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Natural Holdings, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210414005760/en/

Contacts

Business Development Contact: Dave Gioia, 503-610-7366, dave.gioia@nwnatural.com
Investor Contact: Nikki Sparley, 503-721-2530, nikki.sparley@nwnatural.com