Bernhard Capital Partners
Bernhard Capital Partners is a Baton Rouge–based private investment firm focused on services businesses, particularly infrastructure and industrial services.
Last updated October 30, 2026
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Overview
Bernhard Capital Partners is a private investment firm founded in 2013 by Jim Bernhard, the entrepreneur who built and led The Shaw Group, a large engineering and construction company. The firm is headquartered in Baton Rouge, Louisiana, and invests primarily in services-oriented businesses, with a particular emphasis on infrastructure services, industrial services, and related sectors across the United States. Rather than operating as a conventional buyout shop chasing any sector, Bernhard Capital Partners has positioned itself around businesses that provide essential, recurring services — the kind of companies that maintain, build, and support critical infrastructure and industrial operations. The firm typically seeks control or significant stakes in middle-market companies and works with management teams to grow them, often through add-on acquisitions and operational improvements. The firm's identity is closely tied to its founder's background in engineering, construction, and energy services, which gives it an operator's perspective on the sectors it targets. Its investment approach emphasizes long-term partnerships with founders and management teams rather than purely financial engineering. Bernhard Capital Partners operates as a private, employee- and founder-led investment manager. It is not a publicly traded company and does not carry a ticker. Its activities center on the United States market, where it deploys capital through private investment funds raised from institutional investors. Because the firm is a private investment manager rather than a consumer-facing brand, its public profile is concentrated in financial and industry press, deal announcements, and its relationships with portfolio companies and limited partners.
History
Bernhard Capital Partners was founded in 2013 by Jim Bernhard, a Louisiana-based entrepreneur best known for building The Shaw Group into a major engineering, construction, and energy services company. After departing Shaw Group, Bernhard turned to investing, launching Bernhard Capital Partners as a private investment firm headquartered in Baton Rouge. From its inception, the firm differentiated itself by focusing on services businesses rather than manufacturing or commodity-driven industries. Its core thesis centered on companies that provide essential, recurring services to infrastructure, industrial, and energy customers — sectors where the founder's operating experience gave the firm an edge in evaluating and improving businesses. Over time, Bernhard Capital Partners built a portfolio across infrastructure services, industrial services, and related fields, typically taking controlling or significant positions in middle-market companies and working alongside management teams. The firm has pursued growth strategies that include add-on acquisitions, operational improvements, and long-term partnerships with founders. The firm operates as a private investment manager, raising capital from institutional investors through private funds. It is not publicly traded and maintains a relatively low public profile compared with large listed asset managers, with its visibility coming mainly through deal announcements and industry coverage. As of the mid-2020s, Bernhard Capital Partners remains an active private investment firm based in Baton Rouge, Louisiana, focused on the United States market.
- 2013
Jim Bernhard founds Bernhard Capital Partners in Baton Rouge, Louisiana.
Products and positioning
An operator-led private investment firm specializing in essential infrastructure and industrial services businesses in the United States.
Private investment funds
Funds raised from institutional investors to acquire and grow services businesses.
Recent events
Bernhard Capital Partners completes acquisition of New Mexico Gas from Emera[1]
Reported:
Bernhard Capital Partners completed its approximately $1.25 billion acquisition of New Mexico Gas Co, the state's largest regulated natural gas utility, from Emera Inc. The New Mexico Public Regulation Commission approved the transaction on July 30, 2026, and NMGC will continue operating under its existing name and management team with headquarters in Albuquerque.
Bernhard Capital Partners completes acquisition of New Mexico Gas Company from Emera[2]
Reported:
Bernhard Capital Partners announced it closed on its previously announced acquisition of New Mexico Gas Company from Emera Inc., following approval from the New Mexico Public Regulation Commission. NMGC will continue operating under its existing name and management team and maintain its headquarters in Albuquerque.
Bernhard Capital Partners to acquire Bowman Consulting Group[3]
Reported:
Bowman Consulting Group announced that Bernhard Capital Partners would acquire it for about $1 billion. Under the agreement, Bowman shareholders are expected to receive about $43 per share, and Bowman would become privately held and be removed from Nasdaq.
Bernhard Capital Partners announces personnel promotions[4]
Reported:
Bernhard Capital Partners announced promotions for Mark Spender to Partner, Catherine Cusimano, Bryan Poppler and Chris Ringswald to Principal, and Jason Badeaux to Senior Associate.
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