Leonard Green & Partners to Acquire Cumming Group, a Leading Pure-Play Project and Cost Management Platform, From New Mountain Capital

Investment to support continued global expansion in advisory services for the built environment

LOS ANGELES & NEW YORK--(BUSINESS WIRE)--Leonard Green & Partners, L.P. (“LGP”) today announced it has completed the acquisition of Cumming Group (“Cumming” or the “Company”), the leading independent pure-play provider of project management (“PM”) and cost management (“CM”) advisory services, from New Mountain Capital (“New Mountain”). Financial terms of the transaction were not disclosed.

Cumming is a premier advisory platform to the built environment, providing project and cost management services to a diverse base of blue-chip clients across North America and Western Europe. The Company serves over 4,000 clients, including 41 Fortune 100 companies, and employs approximately 2,900+ team members across more than 60 offices globally.

“I am incredibly proud of the market-leading platform Cumming has built, grounded in technical excellence and service quality, a strong people and client-first culture, and long-standing industry relationships,” said Derek Hutchison, Chief Executive Officer of Cumming Group. “We are thrilled to partner with LGP as we expand our capabilities and geographic reach across the built environment, while embracing innovation to further enhance client service.”

“We are excited to partner with Derek and the broader Cumming team,” said Chris McCollum, Senior Partner at LGP. “Cumming has established itself as a clear leader in project and cost management, enabled by its differentiated value proposition and commitment to its people, clients and culture of excellence. We look forward to supporting the Company’s next phase of growth, both organically and through continued strategic acquisitions.”

“Cumming represents a strong example of New Mountain’s focus on building leading businesses in defensive growth sectors,” said Harris Kealey and Joe Delgado, Managing Directors at New Mountain. “We are proud to have partnered with the entire Cumming organization during a period of significant growth and expansion, and we believe the Company is well-positioned for continued success with LGP.”

Jefferies was the lead financial advisor, with Evercore serving as co-financial advisor, and Ropes & Gray served as legal counsel to Cumming. Morgan Stanley & Co. LLC served as financial advisor and Latham & Watkins served as legal counsel to LGP.

ABOUT CUMMING

Cumming Group is a global pure-play provider of project management and cost management services, delivering advisory solutions across the full lifecycle of the built environment, helping to deliver large-scale, complex projects on time, on spec and on budget. The Company partners with clients across a diverse range of end markets, including data centers, education, healthcare & life sciences, and infrastructure across North America and Western Europe. Cumming has approximately 2,900+ professionals in over 60 offices globally.

ABOUT LGP

Leonard Green & Partners is a leading private equity investment firm founded in 1989 and based in Los Angeles, with over $85 billion of assets under management. LGP partners with experienced management teams and often founders to invest in market-leading companies. The firm primarily focuses on services, including consumer, healthcare, and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.

ABOUT NEW MOUNTAIN CAPITAL

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with approximately $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, please visit newmountaincapital.com.