ROANOKE, Va., March 28, 2022 (GLOBE NEWSWIRE) — RGC Resources, Inc. (NASDAQ:RGCO), parent company to Roanoke Gas Company and RGC Midstream, LLC, closed today a $21 million common stock investment by affiliates of The InterTech Group, Inc. Resources also closed an additional $2 million common stock investment by long-time shareholder Ted Gibson.
“InterTech’s investment in Resources positions us well as we continue Roanoke Gas’ system modernization and growth strategy,” said Resources President and CEO Paul Nester. “The investment will also greatly aid RGC Midstream in honoring its commitment, along with the other joint venture partners, to complete the Mountain Valley Pipeline project.”
Rob Johnston, InterTech’s Chief Strategy Officer, stated, “We have been significant investors in RGC Resources for over a decade. We are pleased to have this opportunity to add to that investment. This investment further solidifies our long-term belief in the Company’s strategy and utility operations.”
Advisors
McGuireWoods LLP advised the Company with respect to the issuance and sale of the common stock. Janney Montgomery Scott LLC advises the Company periodically on financial related matters.
