Baton Rouge-based Bernhard Capital Partners’ portfolio company Delta Utilities is taking over natural gas distribution in Louisiana and Mississippi from CenterPoint Energy Inc.
CenterPoint’s natural gas distribution systems currently serve approximately 381,000 residential and commercial customers across both states, according to last week’s announcement about the deal. Financial terms of the deal have not been disclosed. The sale is expected to close in the first quarter of 2025.
The deal builds upon Bernhard Capital’s recent announcement to acquire Entergy’s New Orleans and Baton Rouge natural gas distribution businesses, says Jeff Jenkins, founder and partner at Bernhard Capital. Bernhard announced in October that it had agreed to buy Entergy’s gas distribution business for about $484 million in a deal expected to close in summer 2025.
“Once both transactions are complete, Delta Utilities will be a leading natural gas utility in Louisiana and Mississippi and among the top 40 providers in the United States,” Jenkins says.
Employees of CenterPoint’s Louisiana and Mississippi natural gas business units will be offered employment by Delta Utilities.
Launched in 2016, Bernhard Capital Partners has invested in more than 65 services-focused companies across 19 platforms, including several utility companies, which collectively employ more than 19,000 globally, BCP says. You can read a recent Business Report cover story about BCP here.
