PINEVILLE — Louisiana-based utility company Cleco was sold in an acquisition deal, the company's new owners announced Monday, but it will remain headquartered in Pineville and retain its employees.

Stonepeak and Bernhard Capital Partners acquired the electric company, which has operated for more than 90 years in 24 parishes, from a consortium comprised of Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management. 

In Monday's announcement, the new owners said Cleco will still be based in Pineville and retain its employees, who will not see a drop in pay or benefits. Cleco will still be regulated by the Louisiana Public Service Commission and continue operating throughout Louisiana.

"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," Gov. Jeff Landry said. "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."