Stonepeak and Bernhard Capital Partners to Acquire Cleco

Stonepeak and Bernhard Capital Partners announced an agreement on April 27, 2026 to acquire Cleco Group LLC from Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management. Cleco operates as a regulated electric utility in Louisiana, employing roughly 1,200 people and serving approximately 298,000 customers across 24 parishes. The announced ownership transition is intended to preserve Cleco’s local management, Pineville headquarters and operating footprint while continuing investment in the utility system. The deal adds a large regulated power network to Stonepeak’s energy infrastructure exposure. Neither the acquisition price nor the equity split between Stonepeak and Bernhard was publicly disclosed in the announcement. The transaction is subject to the relevant regulatory process and customary closing conditions.