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Kohlberg, a prominent U.S. private equity firm, has announced a definitive agreement to sell ENTRUST Solutions Group to Leidos for approximately $2.4 billion. This transaction marks a significant exit for Kohlberg, following its acquisition of ENTRUST in 2019.
Kohlberg, a leading U.S. middle-market private equity firm based in Mount Kisco, New York, has entered into a definitive agreement to sell ENTRUST Solutions Group, a consulting and engineering services platform, to Leidos (NYSE: LDOS) for approximately $2.4 billion. This transaction represents a successful exit for Kohlberg, which initially acquired ENTRUST in 2019 and completed a minority recapitalization in 2023.
ENTRUST Solutions Group, founded in 1987, specializes in providing consulting, design, and engineering services to the utility and infrastructure markets. With over 3,100 professionals operating from more than 40 locations across North America, ENTRUST plays a crucial role in protecting the region’s critical power infrastructure through its advanced technical solutions.
Benjamin Mao, Senior Partner at Kohlberg, expressed gratitude for the partnership with ENTRUST, stating, “We are extremely proud of CEO Adam Biggam and the entire ENTRUST team, and we look forward to the Company’s continued success as it joins Leidos.” Adam Biggam, CEO of ENTRUST, highlighted the transformative impact of Kohlberg’s support, noting, “Our collaboration with Kohlberg has strengthened our ability to serve customers and will enable us to continue enhancing North America’s critical power infrastructure for years to come.”
The acquisition is expected to enhance Leidos’ market share in the utility and infrastructure sectors, capitalizing on the increasing demand for power infrastructure and grid development. Gus Harwood, Partner at Kohlberg, remarked, “Since we first partnered with ENTRUST in 2019, the Company has greatly expanded its footprint and service capabilities, all for the benefit of its customers.”
Houlihan Lokey and Perella Weinberg Partners are serving as financial advisors, while Ropes & Gray acts as legal advisor and KPMG provides accounting advisory services for both ENTRUST and Kohlberg in connection with the transaction. The deal is subject to customary closing conditions and regulatory approvals, with an expected completion date in the second quarter of 2026.
As ENTRUST joins Leidos, the integration process will focus on aligning operational systems and retaining key talent, while also addressing potential cultural challenges. The acquisition is anticipated to create significant synergies, including cross-selling opportunities and enhanced project delivery capabilities.
Looking ahead, this strategic move positions Leidos to leverage ENTRUST’s expertise and client relationships, further solidifying its role in the evolving utility and infrastructure landscape.
