Neuberger Berman Alternatives to Acquire Significant Minority Stake in Entrust Solutions Group; Kohlberg & Company Retains Majority Stake
The investment will be made by several client portfolios managed by NB Alternatives Advisers LLC (or one of its affiliates). Terms of the investment were not disclosed. The transaction is expected to close later this month.
Headquartered in Illinois, ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets. Working from 36 locations across the country, ENTRUST’s over 3,000 professionals provide consulting, design, and engineering services to a broad base of customers, supporting the maintenance and upgrade of aging utility infrastructure across the United States.
“ENTRUST is a great example of what we look for when we invest - an industry-leading company, led by an exceptional management team, providing a critical service with demand that is supported by long-term industry tailwinds,” said J.T. Munch, Managing Director, Neuberger Berman Alternatives. “We are thrilled to make this investment, and look forward to partnering with the management team and Kohlberg & Company as ENTRUST enters its next phase of growth.”
“We are very pleased to continue supporting the ENTRUST team and look forward to working with Neuberger Berman as a strategic partner,” said Benjamin Mao, Partner at Kohlberg & Company. Together, we will continue to help the Company execute against their vision for strategic growth.”
Managing Director at Kohlberg & Company, Gus Harwood, said “We welcome Neuberger Berman as a strategic partner to support ENTRUST’s exceptional growth trajectory and strategic objectives. Neuberger shares a similar vision for the Company, which we believe will help management accelerate the achievement of their ambitious growth plans for the Company.”
“We are very pleased to welcome Neuberger Berman as a partner to ENTRUST and are excited about the opportunities this collaboration will bring”, said Adam Biggam, President and CEO of ENTRUST. “In combination with Kohlberg and Neuberger Berman, we aim to accelerate our value creation plan and support the upgrade and maintenance of critical infrastructure that is the backbone of our communities. We look forward to a successful and impactful journey ahead.”
Houlihan Lokey is serving as financial advisor, and Ropes & Gray is serving as legal advisor to ENTRUST. William Blair is serving as financial advisor, and Latham & Watkins is serving as legal advisor to Neuberger Berman.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management Best Places to Work in Money Management survey among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit our website at www.nb.com.
About Kohlberg & Company
Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over the firm’s 36-year history, the firm has organized 11 private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm’s private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. The firm invests in leading middle market businesses that are identified through its rigorous White Paper Program in its six core practice areas. For more information, please visit www.kohlberg.com.
About ENTRUST Solutions Group
ENTRUST Solutions Group’s 3,000+ professionals across 36 locations in the United States provide comprehensive and dependable engineering, consulting, design, asset integrity, data solutions, and automation services to utilities, operators, and industrial customers with excellence from start to finish. For more information, please visit www.entrustsol.com.
(Americas) Alex Samuelson, 212.476.5392, Alexander.Samuelson@NB.com