Stonepeak and Bernhard Capital to Buy Cleco From Macquarie-British Columbia Investment-Manulife Consortium
By Josh Beckerman
Stonepeak and Bernhard Capital Partners agreed to buy Cleco Group LLC from a consortium comprised of Macquarie Asset Management, British Columbia Investment Management and Manulife Investment Management.
Pineville, La.-based Cleco operates through electric utility Cleco Power LLC, which owns eight generating units and has about 298,000 customers.
The deal price wasn't included in a press release. In April 2016, the company then called Cleco Corp. was taken private for about $3.4 billion.
Cleco Power reported 2025 revenue of $1.33 billion, up from $1.15 billion a year earlier.
The buyers said Cleco will remain locally managed and operated with its headquarters in Pineville and that it will retain employees and maintain compensation and benefit levels.
Stonepeak, which focuses on infrastructure and real asset investments, will own a majority of Cleco.
Louisiana-based private equity firm Bernhard said last week that its portfolio company Delta Utilities agreed to buy a Mississippi local natural-gas distribution company from Spire Inc.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 27, 2026 13:39 ET (17:39 GMT)
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