US EditionCleco to undergo ownership change
Stonepeak will hold the majority stake as the regulated utility remains locally managed and continues serving about 298,000 Louisiana customers.
- On Monday, investment firms Stonepeak and Bernhard Capital Partners announced an agreement to acquire Cleco from a consortium led by Macquarie Asset Management, with Stonepeak holding majority interest upon closing.
- Cleco's owners, a consortium led by Macquarie Infrastructure and Real Assets, had been shopping the utility in recent months as part of a decade-long strategy following Macquarie's $4.9 billion purchase in 2016.
- Headquartered in Pineville, Cleco serves approximately 298,000 customers with 1,200 employees; the new owners pledged to "retain employees and maintain compensation and benefit levels" per State House Speaker Pro Tem Mike Johnson's request.
- The sale requires approval from the Louisiana Public Service Commission, the five-member regulator; Commissioner JP Coussan, R-Lafayette, stated he looks forward to "rigorously analyzing the deal" to ensure continued reliable service.
- Months after becoming Louisiana's largest gas supplier, Bernhard Capital Partners founder Jeff Jenkins said the investment advances the firm's focus on "strengthening the nation's critical energy infrastructure" and building resilient communities.
12 Articles
12 Articles
Stonepeak, Bernhard Capital acquiring Louisiana utility Cleco
Stonepeak and Bernhard Capital Partners today announced an agreement to acquire Cleco Group from its consortium owners. Cleco—owned by Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management—is a Pineville-based regulated electric utility serving approximately 298,000 residential, commercial and industrial customers in 24 Louisiana parishes, mostly in the central, Northshore and Acadiana…
Cleco’s owners have agreed to sell the company. See who is buying it.
The owners of Cleco Power have reached an agreement to sell the electric utility to Stonepeak Energy and Bernhard Capital Partners in a deal that will keep the firm headquartered in central Louisiana.Terms of the deal weren’t disclosed, but Stonepeak, a New York investment firm, will own the majority interest upon closing, the companies said in a press release Monday.
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