Key Takeaways
- • Leonard Green & Partners is acquiring construction and infrastructure consultancy Cumming Group from New Mountain Capital in a transaction valued at approximately $3bn including debt, with formal announcement expected within weeks.
- • Cumming Group operates across more than 35 countries with roughly 3,000 employees globally, providing advisory services on large-scale construction and infrastructure projects including the Terminal One redevelopment at New York's JFK Airport.
- • The deal represents a significant exit for New Mountain Capital and reflects sustained private equity appetite for high-quality services businesses with recurring revenues, despite elevated borrowing costs constraining broader mid-market leveraged dealmaking.
- • Leonard Green, which manages approximately $75bn in assets, continues its strategic focus on services-oriented investments; the firm acquired a majority stake in Topgolf Callaway Brands' Topgolf business for roughly $1.1bn earlier in 2026.
- • The transaction underscores investor confidence in the consultancy sector's stable cash flows and defensive demand characteristics, with comparable recent deals including WSP Global's acquisition of engineering consultancy TRC from Warburg Pincus.
Summary
Leonard Green & Partners is advancing toward the acquisition of Cumming Group, a construction and infrastructure consultancy currently owned by New Mountain Capital, in a deal valued at approximately $3bn including debt. According to the Financial Times, the transaction is expected to be formally announced in the coming weeks, marking a notable mid-market private equity exit in an environment where elevated interest rates continue to constrain dealmaking activity.
Cumming Group provides advisory services across large-scale construction and infrastructure projects spanning more than 35 countries and employs approximately 3,000 staff globally. The firm's work includes high-profile engagements such as the redevelopment of Terminal One at New York's JFK Airport, positioning it as a substantial player in the infrastructure advisory space. The transaction represents a significant liquidity event for New Mountain Capital's investment in the consultancy.
Market participants note that the timing of the deal reflects a broader slowdown in private equity-led buyouts within the mid-market segment, even as overall global M&A volumes remain resilient. Elevated borrowing costs have continued to constrain leveraged dealmaking broadly; however, high-quality services businesses characterized by recurring revenues and stable cash flows remain attractive acquisition targets for sophisticated buyers. The consultancy sector specifically has maintained consistent focus from private equity investors due to its defensive demand profile and predictable financial performance.
Leonard Green & Partners, which manages roughly $75bn in assets, has demonstrated sustained activity in services-oriented investments across sectors including healthcare and consumer services. The firm completed a majority stake acquisition in Topgolf Callaway Brands' Topgolf business earlier in 2026, valued at approximately $1.1bn, illustrating its continued appetite for high-quality service businesses. The Cumming Group transaction aligns with this strategic positioning and reflects confidence in infrastructure and engineering services as defensive, cash-generative assets during periods of economic uncertainty and elevated capital costs.
Cumming Group provides advisory services across large-scale construction and infrastructure projects spanning more than 35 countries and employs approximately 3,000 staff globally. The firm's work includes high-profile engagements such as the redevelopment of Terminal One at New York's JFK Airport, positioning it as a substantial player in the infrastructure advisory space. The transaction represents a significant liquidity event for New Mountain Capital's investment in the consultancy.
Market participants note that the timing of the deal reflects a broader slowdown in private equity-led buyouts within the mid-market segment, even as overall global M&A volumes remain resilient. Elevated borrowing costs have continued to constrain leveraged dealmaking broadly; however, high-quality services businesses characterized by recurring revenues and stable cash flows remain attractive acquisition targets for sophisticated buyers. The consultancy sector specifically has maintained consistent focus from private equity investors due to its defensive demand profile and predictable financial performance.
Leonard Green & Partners, which manages roughly $75bn in assets, has demonstrated sustained activity in services-oriented investments across sectors including healthcare and consumer services. The firm completed a majority stake acquisition in Topgolf Callaway Brands' Topgolf business earlier in 2026, valued at approximately $1.1bn, illustrating its continued appetite for high-quality service businesses. The Cumming Group transaction aligns with this strategic positioning and reflects confidence in infrastructure and engineering services as defensive, cash-generative assets during periods of economic uncertainty and elevated capital costs.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.