Neuberger Berman Capital Solutions Exits Minority Investment in ENTRUST Solutions Group Through Sale to Leidos for $2.4 Billion

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- Neuberger Berman Capital Solutions, along with funds managed by Neuberger Berman Private Markets (collectively, "Neuberger"), announced the exit of its minority investment in ENTRUST Solutions Group ("ENTRUST" or the "Company") through a sale to Leidos (NYSE:LDOS) for approximately $2.4 billion. Neuberger initially acquired a significant minority stake in ENTRUST in August 2023, alongside existing investor Kohlberg & Company.

The investment was held by several client portfolios managed by Neuberger.

Headquartered in Lisle, Illinois, ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets. Working from 40+ locations across the country, ENTRUST's over 3,100 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.

"We'd like to congratulate ENTRUST on their upcoming partnership with Leidos. It's been a privilege to partner with Adam and team over the past several years, as they've continued to build a business positioned for long-term success," said J.T. Munch, Managing Director, Neuberger Berman Capital Solutions. "We are grateful for their hard work and dedication and are excited to watch as ENTRUST's next chapter unfolds."

"Neuberger has been an exceptional partner to the ENTRUST team," said Adam Biggam, ENTRUST CEO. "Their support has been vital in advancing key strategic investments and assembling a best‑in‑class team that positions us to strengthen North America's critical power infrastructure well into the future."

Leidos retained Citi as financial advisor, Davis Polk & Wardwell LLP as legal advisor and PwC as accounting advisor in connection with the transaction.

ENTRUST, Kohlberg, and Neuberger retained Houlihan Lokey and Perella Weinberg Partners as financial advisors, Ropes & Gray as legal advisor, and KPMG as accounting advisor in connection with the transaction.

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026.

About Neuberger Berman Private Markets

Neuberger Berman Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Berman Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of September 30, 2025, Neuberger Berman Private Markets manages over $150 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Berman Private Markets has an experienced and diverse team of over 470 professionals with a global presence in 16 offices globally.

Neuberger Berman Capital Solutions, a part of Neuberger Berman Private Markets, provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. Neuberger Berman Capital Solutions manages ~$12 billion in AUM and has made investments in over 90 companies across its three funds. Over time, the global team has evolved to work in a cohesive and integrated manner across GP-centric strategies. For more information, please visit www.nbcapitalsolutions.com.

About ENTRUST Solutions Group

ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets with 3,100+ professionals working from 40+ locations across North America. The company provides consulting, design, and engineering services to a broad base of customers, protecting North America's critical power infrastructure through a highly technical portfolio of essential, cutting-edge solutions. Over the last six years, ENTRUST has markedly expanded its geographic reach, service capabilities, and customer base through a combination of organic growth, strategic acquisitions, and scaled workforce and operational infrastructure.

Media Contacts:

Neuberger: Soogyung Jordan: [email protected]

Entrust: Ali Preston: [email protected]

SOURCE Neuberger Berman