Leonard Green Nears $3 Billion Deal for Cumming Group, FT Says

Why It Matters

The purchase gives Leonard Green a foothold in the high‑margin, recurring‑revenue world of infrastructure consulting, while signaling continued private‑equity appetite for projects backed by robust government spending.

Key Takeaways

• Leonard Green eyes $3 bn purchase of Cumming Group.
• Deal includes debt, valuing firm at $3 bn total.
• Cumming advises $9 bn JFK Terminal One redevelopment.
• Acquisition expands Leonard Green’s infrastructure services portfolio.
• New Mountain Capital exits its construction consultancy investment.

Pulse Analysis

Leonard Green & Partners is on the brink of finalising a transaction that values Cumming Group at roughly $3 billion, debt included, according to the Financial Times. Cumming, a specialist consultancy that plans and manages complex infrastructure programmes, is currently owned by New Mountain Capital, which is preparing to exit. The deal is expected to be announced in the coming weeks and would mark one of the largest private‑equity purchases in the construction‑services sector this year. Among Cumming’s marquee assignments is the $9 billion overhaul of Terminal One at New York’s JFK airport.

The acquisition underscores a growing appetite among buyout firms for assets that sit at the intersection of construction expertise and long‑term infrastructure contracts. With governments worldwide committing trillions to upgrade transport, energy and digital networks, firms that can de‑risk project delivery are becoming premium targets. Leonard Green, already active in industrial and healthcare platforms, sees Cumming as a gateway to recurring fee‑based revenue and exposure to high‑margin, capital‑light projects. The move also reflects a broader trend of private equity leveraging low‑interest‑rate environments to lock in stable cash flows before rates rise.

If the transaction closes, Leonard Green will likely integrate Cumming’s global footprint with its existing portfolio, creating cross‑sell opportunities for engineering, procurement and financing services. For Cumming’s clients, the backing of a deep‑pocketed sponsor could accelerate access to capital for ambitious programmes and enhance digital‑tool adoption. Meanwhile, New Mountain Capital will free up capital to pursue new growth bets, possibly in technology or life‑science sectors. The deal sends a clear signal that infrastructure‑focused consultancies remain hot commodities in the private‑equity market.