Neuberger Berman Alternatives Takes “Significant” Minority Stake in ENTRSUT

Neuberger Berman Alternatives, a division of investment manager Neuberger Berman, has acquired a “significant” minority stake in Illinois-based consulting and engineering platform for utility and infrastructure end markets, ENTRUST Solutions Group.

Private equity firm Kohlberg & Company will retain a majority stake in the company.

The investment will be made by several client portfolios managed by NB Alternatives Advisers LLC. Financial terms of the deal, which is expected to close later this month, were not disclosed.

“ENTRUST is a great example of what we look for when we invest – an industry-leading company, led by an exceptional management team, providing a critical service with demand that is supported by long-term industry tailwinds,” said J.T. Munch, managing director, Neuberger Berman Alternatives.

Neuberger Berman, founded in 1939, manages equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge fund strategies.

Houlihan Lokey is serving as financial advisor, and Ropes & Gray is serving as legal advisor to ENTRUST. William Blair is serving as financial advisor, and Latham & Watkins is serving as legal advisor to Neuberger Berman.