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Bernhard Capital reaches $1.2 billion deal for CenterPoint’s Louisiana natural gas ops
Posted on 2/21/24 at 7:12 am
Posted on 2/21/24 at 7:12 am
quote:
Bernhard Capital Partners said Tuesday it has reached a deal to buy CenterPoint Energy’s natural gas distribution operations in Louisiana and Mississippi in a $1.2 billion deal.
The deal is set to close in the first quarter 2025, subject to antitrust clearance and state regulatory approvals.
It comes a few months after Bernhard announced it would acquire Entergy’s natural gas distribution business in a $484 million deal. That purchase is set to close in mid-2025.
Once the two deals close, Bernhard will be the leading natural gas utility in Louisiana and Mississippi and one of the top 40 natural gas providers in the U.S., said Jeff Jenkins, founder and partner.
LINK
quote:
"As a firm based in Baton Rouge with strong roots across Louisiana, we recognize the invaluable role natural gas utilities have in creating stronger, more resilient communities by delivering reliable service when customers need it most," he said in a statement.
The deal includes 12,000 miles of CenterPoint pipelines in Louisiana and Mississippi.
CenterPoint said it has about 247,000 customers in Louisiana and most of them are residential. Most of the customers are in the southwest and northern parts of the state. Only Atmos has more natural gas customers in the state, said Colby Cook, press secretary for the Louisiana Public Service Commission.
Looks like the people who brought Brown and Root, Epic Piping, etc. to Louisiana are getting into the natural gas business. Usually it's a Louisiana company that's being bought by an out of state firm so I guess this is good news since it's not that kind of situation.
This post was edited on 2/21/24 at 7:15 am
11
Posted on 2/21/24 at 7:30 am to frequent flyer
ole baw knows how to make a dollar.
Posted on 2/21/24 at 7:39 am to MorbidTheClown
quote:
ole baw knows how to make a dollar.
Very smart businessman. Basically built an empire, sold it, and now building another one.
Posted on 2/21/24 at 7:44 am to frequent flyer
quote:
Bernhard Capital
Not a fan
Posted on 2/21/24 at 8:02 am to 225Tyga
quote:
Bernhard Capital
Not a fan
Most people aren't...
Posted on 2/21/24 at 8:03 am to frequent flyer
quote:
Very smart businessman. Basically built an empire, sold it, and now building another one.
And he'll absolutely throw you under the bus when things start to get rocky. I've seen it happen when he was first starting to build all this with some shady deals.
Posted on 2/21/24 at 8:05 am to Ignignokt
The one thing I’ll give that baw is his businesses are bringing money and jobs to LA
Posted on 2/21/24 at 8:07 am to frequent flyer
quote:
subject to antitrust clearance
Good luck. Most antagonistic FTC in our lifetimes, by a mile.
She's coming for em:
Posted on 2/21/24 at 8:08 am to frequent flyer
I'm not a fan of Private Equity. They exist to buy out and suck the company dry before flipping again. Short term greed destroys and we all pay the price.
Posted on 2/21/24 at 8:10 am to Ignignokt
Facts!
Posted on 2/21/24 at 8:11 am to frequent flyer
Retail gas prices to increase. Fk these baws.
Posted on 2/21/24 at 8:34 am to frequent flyer
I guess our electric bills will be going up.
Posted on 2/21/24 at 8:35 am to MorbidTheClown
quote:
ole baw knows how to make a dollar.
Jim or Jeff?
Posted on 2/21/24 at 8:40 am to frequent flyer
They own the sewer and wastewater in ascension. Rate went up and no improvements to infrastructure. Seems as if they are good at suppressing the negative attention. ( infrastructure)
Posted on 2/21/24 at 8:42 am to frequent flyer
quote:
Looks like the people who brought Brown and Root, Epic Piping, etc. to Louisiana are getting into the natural gas business.
They bought Entergys natural gas business a few months ago
Posted on 2/21/24 at 8:44 am to Longhorn Actual
quote:
Jim
Posted on 2/21/24 at 9:16 am to StrikeIndicator
These companies/investment groups know nothing about the business itself. They just make the purchase, do their bean counting in order to make drastic cuts and deplete resources, never reinvest back into the company, infrastructure, or employees. Then turnaround in a few years to put it back on the market for another company to purchase. Only thing is, the books will show that it doesn’t take a whole lot of money to run or maintain the business because the operating budget isn’t a big chunk or at a minimum. When another company makes the purchase, they realize the infrastructure has been neglected and now it will take twice or three times as much to make necessary changes and/or repairs. Therefore, they can never catch up and make a profit. All the while, your good employees have left because the previous company nickeled and dimed things to death.
Posted on 2/21/24 at 9:18 am to frequent flyer
Pipeline is the bottleneck, a good business to take advantage of the NG/LNG “boom”.
Posted on 2/21/24 at 10:06 am to White Bear
Funny part is he’s heavily a D donor and they want to kill LNG Go figure.
Posted on 2/21/24 at 10:15 am to frequent flyer
Private equity controlling Louisiana's utilities.... what could go wrong. Also get ready for that price increase.
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