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Bernhard Capital Partners to buy Entergy's gas distribution business for $484 million
Posted on 10/30/23 at 10:20 am
Posted on 10/30/23 at 10:20 am
quote:
Baton Rouge-based Bernhard Capital Partners has agreed to buy Entergy’s gas distribution business for about $484 million, the companies announced today.
State and local regulators would have to approve the deal, which is expected to close in about 21 months.
Entergy Louisiana’s gas business serves approximately 95,000 homes and businesses in the Baton Rouge area, while Entergy New Orleans provides gas to about 109,000 locations. Bernhard Capital Partners plans to keep all the current employees and create more than 100 new jobs, officials say.
“Our work is focused on strengthening businesses to, in turn, strengthen some of our country’s most critical infrastructure assets,” Jeff Jenkins, founder and partner with BCP, says in a prepared statement. “We have an experienced leadership team prepared to lead it through strategic, transformational growth.”
The sale would allow Entergy to continue its strategy of simplifying operations and focusing on its regulated electric utility business, chair and CEO Drew Marsh says. If approved, the net proceeds will be used to repay debt and support capital needs, Entergy says.
Business Report
Looks like the spinoff company will remain in Louisiana under the Bernhard umbrella.
8
Posted on 10/30/23 at 10:23 am to dewster
How outraged should I be/not be?
Posted on 10/30/23 at 10:25 am to SG_Geaux
quote:
How outraged should I be/not be?
The million dollar question should be, are the rates going up?
Posted on 10/30/23 at 10:25 am to SG_Geaux
quote:
How outraged should I be/not be?
Probably not outraged.
When Entergy's corporate HQ moves from New Orleans to Houston in a few years, this part will remain in Louisiana - likely centered around Baton Rouge and New Orleans.
Posted on 10/30/23 at 10:38 am to dewster
quote:
this part will remain in Louisiana - likely centered around Baton Rouge and New Orleans.
So, a small firm owned by a bloodsucking private equity firm? Fabulous. I’m sure rates will be very fair indeed.
Posted on 10/30/23 at 11:21 am to dewster
quote:
Bernhard Capital Partner
Same guy who founded the Shaw Group?
Posted on 10/30/23 at 11:23 am to sidewalkside
Yes.
He’s made a lot of moves to grow his companies over the past five or so years
He’s made a lot of moves to grow his companies over the past five or so years
Posted on 10/30/23 at 11:24 am to sidewalkside
quote:
Same guy who founded the Shaw Group
Yep
Same piece of shite
Posted on 10/30/23 at 11:28 am to notiger1997
I heard the CBI acquisition/integration of Shaw turn into a complete fiasco...anybody have details on that? Heard the good old boy network didn't want to play nice with the corporate type
Posted on 10/30/23 at 11:32 am to sidewalkside
quote:
heard the CBI acquisition/integration of Shaw turn into a complete fiasco...anybody have details on that? Heard the good old boy network didn't want to play nice with the corporate type
I thought Shaw had cooked their books which turned into an issue
Posted on 10/30/23 at 11:34 am to dewster
Dividends increasing to 6%.
Posted on 10/30/23 at 11:36 am to Cosmo
quote:
I thought Shaw had cooked their books which turned into an issue
I thought it was all GAAP approved so not really illegal/improper.
Posted on 10/30/23 at 11:48 am to dewster
I wonder if they’re planning to take over actual billing or if that would continue to be managed by Entergy (like BR Water Company for sewage/trash).
Posted on 10/30/23 at 12:13 pm to PrecedentedTimes
quote:
So, a small firm owned by a bloodsucking private equity firm? Fabulous. I’m sure rates will be very fair indeed
That rates are set by the public service commission/City council of New Orleans.
Posted on 10/30/23 at 12:35 pm to Sherman Klump
[quote] That rates are set by the public service commission/City council of New Orleans. [/quote
Yes, but the better the company is run the less the rates. They are talking about adding 100 employees. Will that drive up costs? I hope not.
Yes, but the better the company is run the less the rates. They are talking about adding 100 employees. Will that drive up costs? I hope not.
Posted on 10/30/23 at 12:40 pm to dewster
Just got an email from Entergy saying my gas rates are not going up “right now.”
So rate increase is definitely incoming.
So rate increase is definitely incoming.
Posted on 10/30/23 at 12:45 pm to dewster
Just got this email:
quote:
Dear valued customer,
Earlier today, Entergy announced the proposed sale of our gas utility business to Bernhard Capital Partners. Bernhard Capital is a Louisiana-based services and infrastructure investment company with significant utility experience, which we believe will deliver added value to you, our customers.
There are no changes to your service or gas bills right now.
The sale of the gas business must first be reviewed by our regulators. If approved, we expect the sale to close in about 21 months. We will work with our customers, regulators and Bernhard Capital to ensure a smooth transition and minimize any inconvenience to customers.
We plan to share more details about what this change could mean for you and your service in the months ahead.
Posted on 10/30/23 at 12:52 pm to doubleb
quote:
Yes, but the better the company is run the less the rates. They are talking about adding 100 employees. Will that drive up costs? I hope not.
Well, I'd guess the regulatory bodies are doing some due diligence when approving this transaction or not.
Posted on 10/30/23 at 10:44 pm to sidewalkside
The Nukes Shaw was building at the time sunk CBI.
Posted on 10/30/23 at 10:50 pm to Sherman Klump
quote:
That rates are set by the public service commission/City council of New Orleans.
Don’t they regularly tack on $20-25 fees for random “whatever-you-want-to-call-it” ?
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