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 regions.
The utility has about 1,200 employees.
Following the deal’s closing, Cleco will remain locally managed with its headquarters still in Prairieville, according to the announcement.
The deal is expected to bring investors with deep access to capital, industry expertise and a local presence to support Cleco, which has operated for more than 90 years. The strategic partnership and acquisition is also expected to further Cleco’s position as a critical energy service provider and economic development engine across its service territory.
The transaction is subject to customary regulatory approvals. Upon close, Stonepeak will hold the majority interest in Cleco.
