After closing the acquisition of one of West Virginia’s largest local natural gas distribution companies (LDC) from Dominion Energy Inc., Hearthstone Holdings Inc. is headed to the Mountain State.

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Hearthstone and Dominion disclosed Thursday the companies had closed the sale of Hope Gas Inc., which does business as Dominion Energy West Virginia, to Hearthstone for around $690 million. As a part of the agreement, Hearthstone will move the headquarters of its Illinois-based utility subsidiary to Morgantown, WV, according to the company.

Hearthstone, a portfolio company of Ullico Inc.’s infrastructure fund, owns and operates natural gas LDCs in Indiana, Ohio, North Carolina, Maine and Montana and water and wastewater utilities in Arizona and Michigan.

Ullico’s Rohit Syal, head...