Stonepeak, Bernhard to Acquire Cleco in Utility Infrastructure Deal

Stonepeak and Bernhard Capital Partners have agreed to acquire electric utility Cleco Group LLC from a consortium comprised of Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management. Financial terms were not disclosed.

Following the close of the transaction, Cleco will remain locally managed and operated, with its headquarters in Pineville, Louisiana. The new ownership structure is expected to reinforce the utility’s role as a critical energy service provider and economic development engine across its service territory and the broader state.

“In the last decade, we’ve become safer, more efficient and modern,” said Bill Fontenot, President and CEO at Cleco. “With support from new partners Stonepeak and Bernhard, we can strengthen system reliability and encourage regional economic growth.”

Under the outgoing consortium’s ownership, Cleco invested roughly $3 billion in projects aimed at resiliency and sustaining what the company describes as state‑leading reliability. In November 2025, the Louisiana Public Service Commission unanimously approved the largest grid resiliency investment in Cleco’s history, paving the way for further system hardening and network expansion.

Upon close, Stonepeak will hold the majority interest in Cleco, with Bernhard as a significant partner.

Greenhill, a Mizuho affiliate, served as financial advisor to Stonepeak, and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak and the buyer consortium. Centerview Partners LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Bernhard. Goldman Sachs & Co. LLC and Moelis & Company LLC served as financial advisors to Cleco, Macquarie Asset Management, BCI and Manulife Investment Management, with Kirkland & Ellis LLP and Phelps Dunbar LLP serving as legal counsel.