Neuberger Berman Capital Solutions Completes Exit from ENTRUST
Neuberger Berman Capital Solutions, in collaboration with funds managed by Neuberger Berman Private Markets, announced the successful exit of its minority investment in ENTRUST Solutions Group. This exit was achieved through a sale to Leidos for an impressive sum of $2.4 billion. Neuberger Berman had initially acquired a notable minority stake in ENTRUST, which serves as a testament to their long-term commitment to the company.
Located in Lisle, Illinois, ENTRUST is recognized as a premier consulting and engineering services firm, dedicated to the utility and infrastructure sectors. The company operates from more than 40 locations, with a team of over 3,100 professionals. ENTRUST provides a range of consulting, design, and engineering services, playing a critical role in modernizing and maintaining aging utility infrastructure across the continent.
Insights from Neuberger Berman
J.T. Munch, Managing Director at Neuberger Berman Capital Solutions, expressed pride in the partnership with ENTRUST, stating how they are excited about the company’s future with Leidos. Munch highlighted the hard work and commitment of ENTRUST's leadership, indicating that their collaborative efforts have successfully set the stage for the company’s continuation of success.
Adam Biggam, CEO of ENTRUST, acknowledged the integral role Neuberger played in facilitating strategic investments. He praised their support in assembling a top-tier team poised to enhance North America's power infrastructure, further strengthening their service capabilities.
Transaction Details and Impact
The transaction, currently pending customary closing conditions and regulatory approvals, is expected to finalize in the second quarter of 2026. Both Neuberger and ENTRUST have engaged a number of advisers, including Citi as the financial advisor for Leidos and several firms, such as Houlihan Lokey, for ENTRUST and Neuberger.
This strategic deal not only marks a significant achievement for Neuberger Berman but also positions ENTRUST favorably for future growth beneath Leidos’ stewardship, leveraging their resources and market strength.
About Neuberger Berman Private Markets
Neuberger Berman Private Markets has been a frontrunner in private markets investment since its inception in 1987. This division consistently seeks investments across a variety of strategies and asset classes, catering to a diverse range of institutional clients and sophisticated individual investors around the world. As of a recent reporting period, they managed over $150 billion in investor commitments, showcasing their global reach.
The firm prides itself on its experienced team, comprised of over 470 professionals across 16 offices, who work cohesively to align strategies with the unique requirements of their diverse clientele.
About ENTRUST Solutions Group
ENTRUST is a leading force in consulting and engineering services tailored to the utility and infrastructure markets. With a workforce of over 3,100 and operations in an extensive geographical footprint, ENTRUST enhances the reliability and effectiveness of vital power infrastructure. Their recent growth is attributed to a combination of strategic acquisitions and organic expansion efforts.
With a robust portfolio focused on innovative solutions, ENTRUST is well-positioned to uphold and advance North America’s critical energy infrastructure, changing the dynamics of how energy services are rendered in modern society.
Frequently Asked Questions
What was the sale price for ENTRUST Solutions Group?
The sale to Leidos was valued at approximately $2.4 billion.
Who were the financial advisors in this transaction?
Leidos engaged Citi as their financial advisor, while ENTRUST and Neuberger Berman hired firms like Houlihan Lokey.
Which company is ENTRUST now partnering with?
ENTRUST is entering into a partnership with Leidos as a result of this sale.
What types of services does ENTRUST provide?
ENTRUST offers consulting, design, and engineering services primarily for the utility and infrastructure sectors.
How long has Neuberger Berman Private Markets been active in private markets?
Neuberger Berman Private Markets has been an active investor since 1987.
