Stonepeak and Bernhard Capital Partners to acquire Cleco

PINEVILLE, La. (KALB) - After almost a year of searching, Cleco now has a new owner.

Stonepeak and Bernhard Capital Partners announced Monday, April 27, an agreement to acquire Cleco Group, LLC.

Back in June of 2025, Cleco began searching for a new owner. CLICK HERE for previous coverage.

State Representative Mike Johnson made the following initial statement on the announcement:

Cleco currently serves about 298,000 residential, commercial and industrial customers in 24 of Louisiana’s 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 the state, leading reliability levels

The condition of operating locally within the Pineville area has been a contentious topic for Central Louisiana’s legislative leaders, aiming to safeguard jobs. State Rep. Johnson authored House Concurrent Resolution 11 (HCR 11), urging that any sale of Cleco not be advanced without assurances that the headquarters will remain in Pineville.

“I mean, there’s about 1,200 dedicated jobs in Central Louisiana that are directly related to Cleco,” Johnson explained. “I’m very excited that the buyer is one that is committed to doing what we’re asking, which is to save the jobs that we have in Central Louisiana.”

Pineville Mayor Joe Bishop, alongside the city council, unanimously passed a follow-up resolution mimicking Johnson’s and calling for the safeguarding of local jobs.

“[This] is a major shot in the arm for the citizens of Rapides Parish and Pineville,” Bishop declared. “We definitely need [the] jobs.”

Local outcry following the acquisition announcement expressed concern over potential rate increases stemming from the new ownership; Both Bishop and Johnson believe no ‘justifiable’ increase in rates should occur, nor is expected.

“I put in 22 years with a natural gas company, Atmos Energy, also my wife works for Cleco. Any rate, increase or decrease, has to be approved by the public service commission. Just because the company’s getting bought or sold does not mean your rates are going to increase or decrease.”

“We’ll stay engaged arguing not only for there to be no rate increase, but certainly lobbying for lower rates as they grow and as they make this transition, but I think a sale that included something that gave them the right to go up on the rate payers’ contribution would be something we would strongly oppose. Certainly these elected public service commissioners would be also.”

Governor Jeff Landry and Louisiana Economic Development Secretary Susan B. Bourgeois issued the following joint statement:

“Cleco provides safe, reliable and affordable electricity to our customers in support of their quality of life, and we take pride in the work of our dedicated, local employees who support the communities in which we all live,” said Bill Fontenot, President & Chief Executive Officer at Cleco. “Cleco’s employees are central to our success. In the last decade, we’ve become more safe, efficient and modern. With support from new partners Stonepeak and Bernhard, we can strengthen system reliability and encourage regional economic growth. This transaction marks an important day for our community, our customers and our company.”

“We have a deep appreciation for the critical role Cleco plays in the communities it serves and look forward to partnering with Cleco and Bernhard to support management’s key initiatives,” said Rob Kupchak, Senior Managing Director at Stonepeak. “We are excited to extend our track record of investing in Louisiana’s energy infrastructure and believe Cleco is well-positioned to be a driver of economic growth within its service territory, while providing dependable service to its customers.”

“This investment advances Bernhard Capital Partners’ focus on strengthening the nation’s critical energy infrastructure, building more resilient communities and accelerating innovation across the energy sector,” said Jeff Jenkins, Founder and Partner at Bernhard. “It also reflects our continued investment in Louisiana—its people, its economy, and its future. Our partnership combines Bernhard’s operational expertise and deep local knowledge alongside Stonepeak’s experience with similar mission-critical companies to build upon Cleco’s century of service in our state. Together, we will drive meaningful economic growth while continuing Cleco’s legacy of delivering essential energy service to communities across Louisiana.”

The transaction is subject to customary regulatory approvals. Upon close, Stonepeak will hold the majority interest in Cleco.

RELATED: Pineville passes resolution to protect Cenla electric service jobs

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