Bernhard LLC Rebrands as ENFRA, Embracing Energy-as-a-Service Growth

Bernhard LLC, one of Louisiana’s fastest-growing energy companies, is undergoing a significant transformation with a new CEO and an upcoming name change, signaling a shift in its trajectory after more than a century in business.

Founded in 1919 as Bernhard Plumbing and Sheet Metal Works, the Metairie-based company has long moved beyond its original trade. Now owned by Dutch private equity firm CVC DIF, which manages over $100 billion in assets, Bernhard has evolved into a leader in the Energy-as-a-Service (EaaS) sector.

Rob Guthrie, who stepped into the CEO role last June as part of a planned transition, emphasized that the name change—effective in May—is not a departure from the company’s legacy. Instead, rebranding to ENFRA, a blend of “energy” and “infrastructure,” reflects its rapid expansion into EaaS and its strong position in the market.

"A decade ago, we were a traditional engineering and construction company with an untested idea," Guthrie said. "Today, we’re a market leader in EaaS, operating coast to coast. It’s rare for a company of our age to undergo such a transformation in such a short time."

This shift began under Jim Bernhard, grandson of the founder, who established Bernhard Capital Partners in 2013 after selling The Shaw Group for $3 billion. Bernhard LLC was the largest asset in Bernhard Capital’s $2.5 billion portfolio when it was sold to DIF in 2021, with an estimated value close to $1 billion.

While Bernhard Capital has since focused on expanding its utilities division—including a $484 million acquisition of Entergy’s gas operations—ENFRA has capitalized on the growth of EaaS. This model, which enables customers to pay for energy services rather than owning infrastructure, has gained traction due to advancements in smart grids, renewable energy, and battery storage.

The U.S. EaaS market was valued at approximately $25 billion in 2024 and is projected to nearly double to $45 billion by 2030, according to Grandview Research. ENFRA has been growing at nearly double the industry rate, averaging 25% annual growth between 2019 and 2024. Estimated revenue in 2023 exceeded $790 million, according to Growjo.

Strategic Focus and Key Clients

Rather than targeting high-volume, low-margin projects, ENFRA has focused on long-term contracts with major nonprofit institutions, such as Tulane University, LSU, Jefferson Parish, and the University of Arkansas. Other notable clients include LCMC Health, Ochsner, and the University of New Orleans.

"Our strategy was to validate the EaaS model in Louisiana before expanding nationally," Guthrie said. "We’ve successfully tested the concept and are now scaling it."

While cost savings remain the primary driver for these institutions, many are also motivated by sustainability goals. Federal and state programs, particularly the 2022 Inflation Reduction Act, have incentivized energy efficiency upgrades and renewable energy adoption, making EaaS even more attractive.

However, recent policy shifts have introduced uncertainty. The Trump administration has announced plans to roll back some of these incentives, including terminating $20 billion in Greenhouse Gas Reduction Fund grants. EPA Administrator Lee Zeldin cited concerns about fraud and misalignment with agency priorities but provided few details.

"Some provisions of the Inflation Reduction Act have been game-changers for our clients, enabling them to tap into tax benefits that were previously inaccessible," Guthrie said. "Projects like solar and battery storage have become even more financially viable. The uncertainty surrounding future policies complicates planning for both EaaS providers and clients."

Looking Ahead

Guthrie’s path to the energy sector was unconventional. After working in his family’s construction business in Alabama, he transitioned to the Clinton Foundation, where he focused on energy access programs that laid the foundation for EaaS.

Despite potential regulatory changes, Guthrie believes artificial intelligence will be the next major disruptor in energy. AI-driven efficiencies could allow institutions to generate surplus power, creating new revenue streams.

"Efficiency is always our first priority," he said. "We take an agnostic approach to power sources, focusing on reducing consumption before considering renewables. That approach never goes out of style."

With a new name and a firm grip on the EaaS market, ENFRA is poised for continued growth, reinforcing Louisiana’s reputation as a hub for energy innovation.