Middle market private equity firm focused on infrastructure services and assets

Bernhard Capital Partners

At a glance

Assets under management$6B (as of Oct 2026) S6
Deal typesPlatform, Add-on S5
SectorsEnvironmental & Waste, IT Services & MSP, Accounting & Professional Services, Construction Services, HVAC, Plumbing & Electrical

What Bernhard Capital Partners buys

Bernhard Capital Partners is a Baton Rouge, Louisiana firm founded in 2013 that invests in infrastructure services and infrastructure assets, with more than $6 billion under management. On the services side it owns engineering, architecture, environmental consulting, utility services, government services, disaster recovery, rail construction and solid waste businesses. On the asset side it owns regulated gas and electric utilities and wastewater systems, mainly in Louisiana, Mississippi and New Mexico. It takes control and grows each platform with add-ons, and its site counts 89 transactions across 26 active and realized platforms.

Bernhard publishes no revenue or EBITDA range and says it prefers deals found through direct talks rather than auctions. Recent platforms range from Revenew, a Houston contract compliance firm, to a planned take-private of Bowman Consulting at about $1.0 billion. Smaller owners usually meet Bernhard as add-ons: Aventia buys environmental and engineering firms, Grace Design Studios buys architects, and Optimum Energy bought the family-owned mechanical contractor Hussung in 2026.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Oct 2026Hussung Mechanical Contractors and HMC Service CompanyFourth-generation family-owned HVAC, plumbing and piping contractor in Kentucky and Indiana, added to Optimum EnergyAdd-onHVAC, Plumbing & ElectricalSource
Oct 2026EPIC Piping (United WELD Holdings)Pipe fabrication platform sold to One Equity Partners, fully realizing Fund IExitIndustrial & ManufacturingSource
Aug 2026RevenewHouston contract compliance and profit recovery firm; start of a new professional services platformPlatformAccounting & Professional ServicesSource
Aug 2026Bryant Hammett & AssociatesLouisiana civil engineering, surveying and hazard mitigation firm added to AventiaAdd-onAccounting & Professional ServicesSource
Aug 2026New Mexico Gas CompanyClosed the purchase of New Mexico's largest regulated gas utility from EmeraPlatformSource
Aug 2026Bowman Consulting GroupAgreement to take the Nasdaq-listed engineering firm private at about $1.0 billion enterprise valuePlatformAccounting & Professional ServicesSource
May 2026ECM ConsultantsFounder-led Gulf South engineering and construction management firm added to AventiaAdd-onAccounting & Professional ServicesSource
Apr 2026ClecoAgreement with Stonepeak, the majority partner, to buy the Louisiana electric utilityPlatformSource
Apr 2026Spire MississippiDelta Utilities agreed to buy Spire's gas distribution business in south central MississippiAdd-onSource
Mar 2026United Utility ServicesElectric utility services platform sold to Sandbrook CapitalExitConstruction ServicesSource
Feb 2026The Gray Casualty & Surety CompanySurety bond carrier sold to Palomar HoldingsExitSource
Dec 2025Project Management AdvisorsProgram management firm merged into Brailsford & DunlaveyAdd-onAccounting & Professional ServicesSource
Oct 2025Brown & Root Industrial ServicesBernhard sold its stake in the industrial services company it formed with KBR in 2015ExitConstruction ServicesSource
Jul 2025Entergy gas utilities in New Orleans and East Baton Rouge ParishDelta Utilities closed the purchase, adding more than 200,000 customersAdd-onSource
Jun 2025CRGA DesignBaltimore healthcare architecture firm added to Grace Design Studios; its leaders stay onAdd-onAccounting & Professional ServicesSource
Jun 2025TechServTyler, Texas utility engineering and consulting firm with more than 850 employeesPlatformAccounting & Professional ServicesSource
May 2025Habitat Management, Inc.Colorado land reclamation and restoration firm added to AventiaAdd-onEnvironmental & WasteSource
Apr 2025Straughn Trout ArchitectsLakeland, Florida architecture firm added to GHC|orcutt winslowAdd-onAccounting & Professional ServicesSource
Apr 2025CenterPoint Energy gas utilities in Louisiana and MississippiDelta Utilities closed the purchase of three gas utilities serving about 380,000 customersAdd-onSource
Feb 2025St.GermainMaine environmental consulting firm covering remediation and waste management compliance, added to AventiaAdd-onEnvironmental & WasteSource
Nov 2024Orcutt / WinslowArchitecture firm combined with Grace Hebert CurtisAdd-onAccounting & Professional ServicesSource

Portfolio by sector

From the firm's portfolio page S4.

Infrastructure

  • ClearCurrent
  • Cleco Active (closing pending as of April 2026 announcement)
  • Delta Utilities
  • Elevation
  • National Water Infrastructure
  • New Mexico Gas Company

Services

  • Allied Power
  • ARENA
  • Aventia
  • Brailsford & Dunlavey
  • Enveniam
  • Grace Design Studios
  • Green Meadow Sustainable Solutions
  • Lemoine
  • Optimum Energy
  • RailWorks
  • Revenew
  • TechServ

Past investments: Atlas Technical Consultants, Brown & Root Industrial Services, Charah Solutions, ENFRA, EPIC Piping, Gray Surety, United Utility Services

Greymont’s take

How Bernhard Capital Partners fits a seller

Bernhard is a strong fit for owners of engineering, architecture, environmental consulting, surveying, mechanical contracting, waste and utility service firms, especially in Louisiana and the Gulf South, where it is based and buys often. Most of its deals are add-ons to platforms it already owns, so a seller usually joins a larger company and may keep its name and leaders for a time. CRGA Design, for example, kept its president and a senior vice president in charge after joining Grace in 2025.

Bernhard says sellers pick it for certainty of closing and plain, quick communication, and that it starts planning each exit during due diligence. Its first fund, launched in 2014, was fully sold off in October 2026. Owners who roll equity should ask which platform they would join and when that platform is likely to be sold.

Questions owners ask

Does Bernhard Capital buy waste and environmental companies?

Yes. It owns Green Meadow Sustainable Solutions, a Mississippi solid waste business with landfills, transfer stations and hauling, and Aventia, an environmental consulting and field services platform that added St.Germain, Habitat Management, ECM Consultants and Bryant Hammett & Associates in 2025 and 2026.

Does Bernhard only buy large companies?

No. It does large deals, such as the planned $1.0 billion purchase of Bowman Consulting, but most of its activity is add-ons of regional firms, such as the fourth-generation family-owned Hussung Mechanical Contractors in 2026 and Maine-based St.Germain in 2025.

Where does Bernhard invest?

Across the US, with deep roots in Louisiana. It has offices in Baton Rouge, New Orleans and Brentwood, Tennessee, its utilities serve Louisiana, Mississippi and New Mexico, and service platforms such as TechServ work in many states.

How does Bernhard decide when to sell a company?

It says exit planning begins during due diligence and that timing is a judgment call once the business is stronger. Over the past year it sold Gray Surety to Palomar, United Utility Services to Sandbrook Capital and EPIC Piping to One Equity Partners.

Sources

  1. S1Bernhard Capital Partners home page (offices and firm statistics) Accessed October 20, 2026
  2. S2Bernhard Capital Partners: Why Bernhard Accessed October 20, 2026
  3. S3Bernhard Capital Partners: Strategy Accessed October 20, 2026
  4. S4Bernhard Capital Partners: Portfolio (current, realized, services, infrastructure) Accessed October 20, 2026
  5. S5Bernhard Capital Partners news Accessed October 20, 2026
  6. S6Bernhard completes sale of EPIC Piping, fully realizing Fund I (October 1, 2026) Accessed October 20, 2026
  7. S7Bernhard portfolio: Green Meadow Sustainable Solutions Accessed October 20, 2026
  8. S8Bernhard portfolio: Aventia Accessed October 20, 2026
  9. S9Bernhard portfolio: ARENA Accessed October 20, 2026
  10. S10Bernhard government services platform acquires Apogee (May 28, 2024) Accessed October 20, 2026
  11. S11Grace acquires CRGA Design (June 11, 2025) Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Bernhard Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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