According to PR Newswire, Stonepeak and Bernhard Capital Partners have announced an agreement to acquire Cleco Group LLC, a Louisiana-based electric utility company, from a consortium that includes Macquarie Asset Management, British Columbia Investment Management Corporation (BCI), and Manulife Investment Management.
The transaction follows a decade of grid modernization and resilience investments under the current ownership group. During that period, Cleco strengthened its infrastructure and reliability, positioning the company as a stable regional utility provider.
Cleco serves approximately 290,000 customers across Louisiana through its generation, transmission, and distribution operations. The company has focused on improving grid resilience and maintaining consistent service delivery in the face of evolving energy demands.
Stonepeak, known for its infrastructure and real assets investments, is partnering with Bernhard Capital Partners, a Baton Rouge-based firm with experience in utility-related services. Together, the firms aim to build on Cleco’s existing foundation while supporting continued investment in grid modernization and operational performance.
Both firms have indicated a long-term approach, with an emphasis on maintaining reliability and strengthening infrastructure. The transition is expected to preserve continuity, with Cleco’s current management team remaining in place to guide ongoing operations.
The deal reflects continued investor interest in essential infrastructure assets, particularly in the energy and utility sectors, where stable demand and long-term capital investment needs create opportunities for private investment.