Leonard Green & Partners is close to acquiring construction and infrastructure consultancy Cumming Group from New Mountain Capital in a deal valued at approximately $3bn including debt, according to a report by the Financial Times citing unnamed people familiar with the matter.
The transaction, which is expected to be formally announced in the coming weeks, would mark a significant exit for New Mountain and a notable mid-market private equity deal in an environment where higher interest rates have continued to weigh on transaction activity.
Cumming Group provides advisory services across large-scale construction and infrastructure projects in more than 35 countries. Its work includes involvement in major developments such as the redevelopment of terminal one at New York’s JFK airport, and the business employs roughly 3,000 staff globally.
Market participants said the timing of the deal reflects a broader slowdown in private equity-led buyouts, particularly in the mid-market segment, even as overall global M&A volumes remain resilient. Elevated borrowing costs have continued to constrain leveraged dealmaking, although high-quality services businesses with recurring revenues remain attractive to buyers.
The consultancy sector has been a consistent focus for private equity investors due to its stable cash flows and relatively defensive demand profile. Comparable transactions include WSP Global’s acquisition of engineering consultancy TRC from Warburg Pincus, which highlighted continued investor appetite for infrastructure and engineering services assets.
Leonard Green & Partners, which manages roughly $75bn in assets, has been active in services-oriented investments across sectors including healthcare and consumer services. Earlier this year, the firm acquired a majority stake in Topgolf Callaway Brands’ Topgolf business, valued at around $1.1bn.
Advisers on the Cumming Group sale include Jefferies Financial Group, which is acting for New Mountain Capital, according to people familiar with the process.
