Leonard Green Partners is nearing a $3bn acquisition of New Mountain Capital’s construction consultancy Cumming Group, according to industry sources. The deal, expected to finalize in coming weeks, values the firm at $3bn including debt, positioning it as one of the largest exits in the sector. Cumming, which specializes in global infrastructure projects like the JFK Airport terminal one redevelopment, operates in over 35 countries with around 3,000 employees.

Private equity activity has slowed due to high interest rates, yet business services and consultancies remain attractive for their stable cash flows. This aligns with trends seen in deals like Warburg Pincus’ $3.3bn sale of TRC to WSP Global last year. Cumming’s expertise in large-scale projects makes it a strategic fit for Leonard Green, which manages $75bn in assets and focuses on service-based industries.

The acquisition follows New Mountain’s shelved plan for a $30bn healthcare tech exit, highlighting shifting priorities in private equity. Jefferies advised New Mountain on the sale, while Leonard Green previously acquired a Topgolf stake for $1.1bn this year.

While deal momentum dips globally, this move underscores continued interest in infrastructure-focused consultancies. Final terms could still shift amid ongoing negotiations.