#United States #Pineville #Bernhard Capital #Stonepeak #Cleco Group

Strategic Acquisition of Cleco Group LLC by Stonepeak and Bernhard Capital Partners

In a noteworthy development in the utility sector, Stonepeak, a prominent alternative investment firm, and Bernhard Capital Partners have officially announced their agreement to acquire Cleco Group LLC. Cleco, a regulated electric utility company located in Pineville, Louisiana, has been serving the state's residents and businesses for over 90 years. This acquisition shines a spotlight on both firms' commitment to strengthening energy infrastructure across Louisiana.

Background on Cleco

Cleco Group, with around 1,200 dedicated employees, currently provides reliable electric utility services to approximately 298,000 customers spread over 24 parishes in Louisiana. The utility has a storied past characterized by its focus on modernizing its grid and infrastructure, particularly in the past decade. Under the previous ownership of a consortium comprising Macquarie Asset Management, British Columbia Investment Management Corporation (BCI), and Manulife Investment Management, Cleco invested an impressive $3 billion into enhancing operational efficiencies and grid resilience.

Insights on the Acquisition

The deal, announced on April 27, 2026, signals a pivotal moment for Cleco as it prepares to enter a new era of partnership. Following the completion of this acquisition, Cleco will remain under local management with its headquarters still situated in Pineville. The firm pledges to uphold its operating footprint while continuing to serve its customers without interruption. Importantly, all existing employees will retain their positions along with their compensation and benefits.

Bill Fontenot, the President and CEO of Cleco, expressed his optimism regarding the partnership, stating that the support from Stonepeak and Bernhard will enable Cleco to enhance system reliability and stimulate economic growth throughout the region. "Our employees are central to our success, and this collaboration will foster a more dependable electricity supply, ensuring continued quality of life for our customers,” he noted.

This acquisition is not merely a change in ownership; it showcases how the infusion of capital and deep sector expertise from Stonepeak and Bernhard can enhance Cleco’s operations. Rob Kupchak, a Senior Managing Director at Stonepeak, emphasized their enthusiasm in partnering with Cleco and noted the firm’s intention to drive economic growth while ensuring consistent energy services throughout the utility’s service territory.

A Vision for the Future

Bernhard, which focuses on investments that fortify essential energy infrastructure, echoes this ambition. Jeff Jenkins, Founder and Partner at Bernhard Capital Partners, highlighted their commitment to investing in Louisiana’s future and communities. Leveraging Bernhard's operational expertise alongside Stonepeak's capital access, this acquisition aims to enhance Cleco’s capacity to meet rising electricity demands while maintaining high reliability standards.

Cleco has made tremendous strides in modernizing its infrastructure over the last decade, supported by significant investments aimed at improving capacity and resilience. The firm received unanimous approval from the Louisiana Public Service Commission for a historic grid resiliency investment, further positioning Cleco as a key player within the evolving energy landscape.

Conclusion

As the deal awaits necessary regulatory approvals, the alliance between Stonepeak, Bernhard Capital Partners, and Cleco sets the stage for a bright future in energy provision across Louisiana. Together, these companies aim to continue Cleco's legacy while driving innovation and growth within the region, solidifying the utility’s role as a vital component in Louisiana’s economic and community development. With a renewed focus on reliability and efficiency, Cleco is poised to thrive in this new chapter, ensuring that both current and future customers benefit from its services.

This acquisition is a promising development in the landscape of utility services, reflecting a strong commitment to community, reliability, and sustainable growth in one of America’s most vibrant states.