Stonepeak and Bernhard Capital Partners have announced an agreement to acquire Cleco Group from a consortium comprising Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and Manulife Investment Management.
Headquartered in Pineville, La., Cleco is a regulated electric utility with 1,200 dedicated employees serving approximately 298,000 residential, commercial and industrial customers in 24 Louisiana parishes. Following the close of the transaction, Cleco will:
Remain locally managed and operated with its headquarters in Pineville.
Maintain its operating footprint and continue serving customers across Louisiana.
Retain employees and maintain compensation and benefit levels.
Continue to be regulated by the Louisiana Public Service Commission.
Remain focused on sustaining state-leading reliability levels.
This transaction will bring investors access to capital, industry expertise an
