Bernhard Capital Partners has led a group of investors in buying Ascension Wastewater Treatment, the largest private sewer utility operator in Louisiana.
The buyout house immediately announced a two-month rebate for AWT customers to help them amid the coronavirus pandemic, crediting about $1.5m to its service users.
Bernhard added that it was also donating thousands of protective face masks to Our Lady of the Lake Ascension to aid in the hospital’s ongoing response to the pandemic.
Jeff Jenkins, partner at Bernhard Capital, said, “It’s imperative, now more than ever, to optimise utilities for delivering services as efficiently as possible without sacrificing quality.
“We appreciate the hard work of the Louisiana Public Service Commission in reviewing the transaction to ensure it is in the public interest.
“With this review and acquisition now complete, we will work to expand AWT’s sizeable footprint and identify new opportunities for improving utility services in other communities throughout Louisiana and the US.”
Bernhard partner Jim Bernhard added, “As investors, we have a social obligation to the communities we serve.
“We see no better way to help our customers, and the Ascension Parish community, than to provide some relief for their monthly obligations and needs at a time when families, small businesses and local hospitals are being so terribly impacted by this pandemic.”
Initial plans for the acquisition include expanding into other communities with critical environmental and infrastructure needs with a focus on improving community resiliency and utility service delivery, the firm added.
The industrial services-focused private equity firm pulled in $1.2bn for its second fund early last year, to close the vehicle on its hard cap.
Bernhard was initially hoping to raise up to $1bn for BCP Fund II, less than three years after the firm raised $750m for its debut vehicle.
The firm was founded in 2013 by Jim Bernhard and Jeff Jenkins.
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