Key Takeaways
- • New Mountain Capital acquired Cumming Group from Tailwind Capital in a growth-oriented transaction completed in December 2021, with Tailwind retaining an equity stake alongside the new sponsor.
- • Cumming Group operates as a global project and cost management consultancy with 1,100+ employees across 41 offices, having completed over $300 billion in projects across education, healthcare, technology, commercial, and infrastructure sectors.
- • Transaction terms were not disclosed, but financial advisors Jefferies and Lincoln International facilitated the deal, with Davis Polk & Wardwell providing legal counsel.
- • Tailwind Capital's holding generated substantial value creation, with Cumming's revenue growing from $25 million (when Long Point Capital initially invested in 2006) to over $100 million by the time of Tailwind's exit.
- • The deal represents a continuation of Cumming's growth strategy through New Mountain's capital deployment for organic expansion and add-on acquisitions, following eight prior add-on transactions during Tailwind's ownership period.
Summary
New Mountain Capital completed the acquisition of Seattle-based Cumming Group from Tailwind Capital in December 2021, establishing a partnership in which Tailwind retained an equity stake alongside New Mountain. While transaction terms remained undisclosed, the deal represented a significant refinancing and ownership transition for the international project and cost management consultancy.
Cumming Group maintains substantial operational scale with 1,100+ employees distributed across 41 offices globally. The firm serves blue-chip clients across diversified end markets including education, healthcare, technology, commercial, infrastructure, and other sectors worldwide. Since its founding in 1996, Cumming has completed project work valued in excess of $300 billion, positioning itself as a strategic advisor for complex, high-profile initiatives requiring specialized expertise in cost and schedule management.
The transaction followed a period of significant value creation under Tailwind Capital's sponsorship. Revenue expanded substantially during Tailwind's ownership, with earlier historical data showing growth from $25 million in 2006 (when Long Point Capital held the investment) to over $100 million by 2021. During Tailwind's tenure, Cumming executed eight add-on acquisitions—including TowerEight in London (2020) and Inici Group in Portland (2021)—while establishing regional operations in the Middle East and expanding into new service sectors.
New Mountain Capital's partnership with Cumming reflects a growth-oriented strategy designed to leverage the firm's scale and market position. Management commentary indicated the partnership would enable Cumming to pursue additional organic growth initiatives and acquisition targets while maintaining operational continuity. Jefferies and Lincoln International served as financial advisors to the transaction, with Davis Polk & Wardwell providing legal counsel to support the recapitalization structure.
Cumming Group maintains substantial operational scale with 1,100+ employees distributed across 41 offices globally. The firm serves blue-chip clients across diversified end markets including education, healthcare, technology, commercial, infrastructure, and other sectors worldwide. Since its founding in 1996, Cumming has completed project work valued in excess of $300 billion, positioning itself as a strategic advisor for complex, high-profile initiatives requiring specialized expertise in cost and schedule management.
The transaction followed a period of significant value creation under Tailwind Capital's sponsorship. Revenue expanded substantially during Tailwind's ownership, with earlier historical data showing growth from $25 million in 2006 (when Long Point Capital held the investment) to over $100 million by 2021. During Tailwind's tenure, Cumming executed eight add-on acquisitions—including TowerEight in London (2020) and Inici Group in Portland (2021)—while establishing regional operations in the Middle East and expanding into new service sectors.
New Mountain Capital's partnership with Cumming reflects a growth-oriented strategy designed to leverage the firm's scale and market position. Management commentary indicated the partnership would enable Cumming to pursue additional organic growth initiatives and acquisition targets while maintaining operational continuity. Jefferies and Lincoln International served as financial advisors to the transaction, with Davis Polk & Wardwell providing legal counsel to support the recapitalization structure.
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