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New leadership: Allied Power, a full-service provider of power plant services and a Bernhard Capital Partners portfolio company, has announced Mike Little as its new CEO. He succeeds Dean Sack, who retired after more than seven years with Allied Power. Read the full announcement.
Smart investing: The Louisiana Legislative Auditor’s office in a recently released report says the state could save and make money by investing its reserve funds and paying off liabilities. State law allows the revenue stabilization fund to be invested in stocks and equities, which can hold up to 35% of its value and earn a 4.2% rate of return over the same period. Investing the revenue stabilization fund in this manner over fiscal years 2020 through 2024 would have earned the state an additional $22 million in interest, dividends, and realized capital gains and $122 million in unrealized capital gains. Read more from The Center Square.
Majority stake: Private equity giant Blackstone says it has struck a deal to take a majority stake in closely held Jersey Mike’s Subs, the second-largest sub sandwich restaurant in the nation. The deal would value the sandwich chain at around $8 billion, including debt. There’s currently 21 Jersey Mike’s restaurants in Louisiana, including eight in the Capital Region. Read more from The Wall Street Journal.
