Pineville, La. (4/27/2026) – A Cleco acquisition agreement announced Monday could reshape ownership of one of Louisiana’s largest utility providers. Stonepeak and Bernhard Capital Partners confirmed plans to acquire Cleco Group LLC. The deal remains subject to regulatory approval.
Cleco, headquartered in Pineville, serves about 298,000 customers across 24 parishes. The company employs roughly 1,200 workers. Despite the pending ownership change, leaders say operations will remain local.
Cleco will keep its headquarters in Pineville and maintain its workforce. In addition, employee compensation and benefits are expected to remain unchanged. The company will continue under Louisiana Public Service Commission oversight.
Cleco President and CEO Bill Fontenot said the company has improved safety, efficiency and reliability over the past decade. He noted that new partners could help strengthen the grid and support regional economic growth.
Stonepeak leaders pointed to Cleco’s role in delivering dependable electricity. They said the company is positioned to drive continued economic development across its service area.
Bernhard Capital Partners also emphasized its Louisiana roots. The firm said the investment aligns with its focus on strengthening critical infrastructure and building more resilient communities.
Over the last decade, Cleco invested about $3 billion in system upgrades and resiliency projects. Notably, regulators approved the company’s largest grid investment in November 2025. That plan focuses on system hardening and future growth.
Previous owners, including Macquarie Asset Management, BCI and Manulife Investment Management, highlighted steady progress during their tenure. They cited collaboration with regulators and communities to improve reliability.
If approved, the transaction would shift majority ownership of Cleco to Stonepeak. However, the company says its mission will remain unchanged. Leaders continue to emphasize safe, reliable service for Louisiana customers.
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