Bernhard Capital-Backed Delta Utilities to Expand Mississippi Footprint Through Acquisition of Spire Inc.’s Natural Gas Business

Posted on April 22nd, 2026 | Filed under Press Releases

BATON ROUGE, La., April 22, 2026 /PRNewswire/ — Delta Utilities, a natural gas utility and Bernhard Capital Partners (“Bernhard”) portfolio company, today announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE: SR) to acquire its Mississippi local natural gas distribution company (“Spire Mississippi”) that serves approximately 18,000 residential, commercial, and industrial customers across south central Mississippi.

The close geographic fit is expected to generate meaningful operating efficiencies, enhance emergency response readiness, and expand system capabilities. Increased economies of scale will enable Delta Utilities to more effectively leverage shared equipment, technology, personnel, and regional response resources across its Mississippi footprint, supporting improved reliability and long‑term value for customers and stakeholders.

“We see this as a disciplined, strategic approach to growing Delta Utilities—bringing together high-quality assets that are complementary to our existing footprint to strengthen operations and deliver long-term value,” said Jeff Jenkins, Founder and Partner at Bernhard. “This investment reinforces Delta Utilities’ role as a trusted operator serving essential energy needs across the region.”

More than 35 Spire Mississippi employees are expected to join the Delta Utilities team following the close of the transaction, supporting a seamless transition of service for legacy Spire customers. The transaction is expected to close near the end of 2026, pending required regulatory approvals. The agreement was completed through Delta Mississippi Gas Company, LLC (“Delta Mississippi”), an operating company of Magnolia Gas Holdings and an affiliate of Delta Utilities.

See the Delta Utilities release here.

About Bernhard Capital Partners

Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. BCP has deployed capital in five funds across several strategies and has more than $6 billion of assets under management. BCP seeks to create sustainable value by leveraging its experience in acquiring, operating, and growing services and infrastructure businesses. For more information, visit bernhardcapital.com.

About Delta Utilities

Delta Utilities and its affiliated operating entities rank among the nation’s top 40 natural gas providers, delivering safe and reliable service to approximately 600,000 customers across Louisiana and Mississippi. Headquartered in New Orleans, the company employs 875 team members who live and work throughout its service territory, supporting local communities and system operations. Through continued investment across its footprint, Delta Utilities advances its mission to provide clean, safe, and affordable natural gas while maintaining a strong focus on service quality and safety. For more information, visit deltautilities.com.

About Spire

At Spire Inc. (NYSE: SR) we believe energy exists to help make people’s lives better. It’s a simple idea, but one that’s at the heart of our company. Every day we have the honor of serving close to 2 million homes and businesses, making us one of the largest publicly traded natural gas companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi, Missouri and Tennessee. Our natural gas-related businesses include Spire Marketing and Spire Midstream. We are committed to transforming our business through growing organically, investing in infrastructure, and driving continuous improvement. Learn more at SpireEnergy.com.

Media Contacts:
Ed Trissel / Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

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