BERNHARD CAPITAL-BACKED DELTA UTILITIES TO EXPAND MISSISSIPPI FOOTPRINT THROUGH ACQUISITION OF SPIRE INC.'S NATURAL GAS BUSINESS

Rhea-AI Summary

Delta Utilities, a Bernhard Capital Partners portfolio company, agreed to acquire Spire Mississippi, the Mississippi local natural gas distribution company serving approximately 18,000 customers. More than 35 Spire Mississippi employees are expected to join Delta following closing. The transaction is expected to close near the end of 2026, pending required regulatory approvals.

The deal is described as a geographic fit intended to generate operating efficiencies, enhance emergency response readiness, and expand system capabilities across Delta's Mississippi footprint.

Positive

• Adds approximately 18,000 customers in south central Mississippi
• More than 35 Spire Mississippi employees expected to join Delta
• Expected operating efficiencies and economies of scale
• Expands Mississippi footprint and enhances emergency response readiness

Negative

• Close expected near end of 2026, pending regulatory approvals
• Transaction purchase price and financial terms not disclosed

News Market Reaction – SR

-0.60%

-0.60% Session close to close

In the Apr 22 session, SR declined 0.60%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Spire’s continued portfolio optimization, with its Mississippi local ga...

Analysis

This announcement highlights Spire’s continued portfolio optimization, with its Mississippi local gas distribution business of about 18,000 customers set to move to Delta Utilities by the end of 2026, pending regulatory approvals. It follows larger moves around the Piedmont Tennessee assets and the sale of Spire Marketing. Investors may watch regulatory progress, closing timelines, and updates on how these asset changes influence future earnings and capital allocation.

Key Figures

Customers served: approximately 18,000 customers Employees transferring: more than 35 employees Expected closing timing: end of 2026

3 metrics

Customers served approximately 18,000 customers Spire Mississippi local natural gas distribution business

Employees transferring more than 35 employees Spire Mississippi staff expected to join Delta Utilities

Expected closing timing end of 2026 Targeted close of Mississippi natural gas business transaction

Previous Acquisition Reports

3 past events · Latest: Mar 31 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 31	Acquisition completion	Positive	+0.5%	Closed $2.48B Piedmont Tennessee deal, creating Spire Tennessee with major footprint.
Mar 30	Business sale deal	Positive	+0.8%	Agreement for Boardwalk to acquire Spire Marketing, expanding Boardwalk’s gas value-chain role.
Jul 29	Acquisition announcement	Positive	-3.9%	Announced $2.48B Piedmont Tennessee acquisition, adding >200,000 customers and 3,800 miles of pipes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition-related headlines have produced mixed reactions, with 2 aligned moves and 1 divergence in the past year.

Recent Company History

Over the past year, Spire has focused on reshaping its portfolio through acquisitions and divestitures. The company announced a $2.48 billion purchase of Piedmont’s Tennessee gas business on Jul 29, 2025, then moved to completion by Mar 31, 2026, creating Spire Tennessee with >200,000 customers and ~3,800 miles of pipelines. A separate deal for Spire Marketing followed. Today’s Mississippi transaction continues this pattern of targeted asset rebalancing.

Key Terms

regulatory approvals

1 terms

regulatory approvals regulatory

"The transaction is expected to close near the end of 2026, pending required regulatory approvals."

Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.

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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

View original content:https://www.prnewswire.com/news-releases/bernhard-capital-backed-delta-utilities-to-expand-mississippi-footprint-through-acquisition-of-spire-incs-natural-gas-business-302750334.html

SOURCE Bernhard Capital Partners Management, LP

FAQ

What did Delta Utilities announce regarding Spire Inc.'s Mississippi gas business (SR) on April 22, 2026?

Delta Utilities announced acquisition of Spire Mississippi, serving about 18,000 customers, expected to close near the end of 2026. According to the company, the deal will bring more than 35 employees into Delta and aims to create operational efficiencies across its Mississippi footprint.

How many customers will Delta Utilities gain from the Spire Mississippi acquisition (SR)?

About 18,000 residential, commercial, and industrial customers will transfer to Delta Utilities upon closing. According to the company, the integration aims to improve emergency response readiness and system capabilities by leveraging shared equipment and regional resources across Delta's Mississippi operations.

When will the Spire Mississippi transaction for SR close and what approvals are required?

The transaction is expected to close near the end of 2026, pending required regulatory approvals. According to the company, timing depends on regulator review and customary closing conditions; more than 35 employees are expected to join Delta after close.

Will Spire Mississippi employees keep their jobs after the SR sale to Delta Utilities?

More than 35 Spire Mississippi employees are expected to join Delta Utilities following the transaction close. According to the company, the move aims to support a seamless service transition and continuity for legacy Spire customers while maintaining local operational staffing.

How will the acquisition affect Delta Utilities' service and operations in Mississippi (SR)?

Delta Utilities expects to expand its Mississippi footprint and leverage economies of scale to enhance reliability and response readiness. According to the company, shared equipment, technology, and regional personnel will be used to generate operating efficiencies and improve system capabilities for customers.