Latham & Watkins Advises Bernhard Capital Partners on Acquisition of Cleco

Bernhard Capital Partners (Bernhard) and Stonepeak have announced an agreement to acquire Cleco Group LLC (Cleco) from a consortium comprised of Macquarie Asset Management, British Columbia Investment Management Corporation, and Manulife Investment Management. Headquartered in Pineville, Louisiana, Cleco is a regulated electric utility with 1,200 dedicated employees serving approximately 298,000 residential, commercial, and industrial customers in 24 Louisiana parishes.

Governor Jeff Landry and Louisiana Economic Development Secretary Susan B. Bourgeois issued the following joint statement regarding the announced agreement involving Cleco: “This announcement reflects the kind of investment Louisiana is working to attract and sustain — one that strengthens our energy infrastructure, supports high-quality jobs, and keeps critical operations rooted here at home. We are especially encouraged by the leadership of Bernhard Capital Partners, a firm with deep Louisiana roots and a long-standing track record of investing in the people, companies, and communities that drive our state forward.”

Latham & Watkins LLP advised Bernhard in the transaction with a corporate team led by New York partner Caroline Phillips and counsel Jessica Pisani, with associates Felix Gasten, Stacey Hall, Lachlan Sievert, Sam Berry, and Eric Rothman. Advice was also provided on finance matters by Houston partner Craig Kornreich, with associates Max Fin, Jen Goldshtein, Jake Goodman, and Govin Kaggal; on tax matters by New York partner Matthew Dewitz, with associate Jacob Nagelberg; and on antitrust matters by Washington, D.C. partner Jason Cruise.