Houlihan Lokey Advises ENTRUST Solutions Group

Houlihan Lokey is pleased to announce that ENTRUST Solutions Group (ENTRUST), a portfolio company of Kohlberg, a leading U.S. middle-market private equity firm, has entered into a definitive agreement to be acquired by Leidos (NYSE:LDOS) for approximately $2.4 billion.

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.

Founded in 1987, Kohlberg is a leading U.S. middle-market private equity firm based in Mount Kisco, New York. The firm invests in leading healthcare and services companies characterized by strong market positions, recurring revenue streams, and resilient end markets, which it identifies through rigorous thematic research grounded in its White Paper Program. Leveraging its team of investment and operating professionals, Kohlberg works with management teams to accelerate growth, enhance operational excellence, and create value. As of September 30, 2025, Kohlberg manages approximately $17 billion on behalf of investors globally.

Leidos is a Fortune 500 company and leading provider of technology, engineering, and science solutions supporting government, commercial, and utility customers worldwide. Headquartered in Reston, Virginia, Leidos delivers mission-critical capabilities across defense, intelligence, civil, and health markets. The company employs approximately 47,000 professionals globally and reported revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025.

Houlihan Lokey served as the lead financial advisor to ENTRUST Solutions Group and Kohlberg. This marquee transaction exemplifies Houlihan Lokey’s continued market leadership and client trust across the Engineering & Consulting and Power & Utility Services markets.

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