Transaction Represents Successful Exit for Kohlberg Following Minority Recapitalization in 2023

Kohlberg, a leading U.S. middle-market private equity firm, today announced that it has entered into a definitive agreement to sell ENTRUST Solutions Group (“ENTRUST” or the “Company”) to Leidos (NYSE: LDOS) for approximately $2.4 billion. The transaction represents a successful exit for Kohlberg, following its initial acquisition of the Company in 2019 and a minority recapitalization in 2023.

ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets with more than 3,000 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.

“We are grateful for the partnership with ENTRUST and are honored to have been part of this chapter of the Company’s growth,” said Benjamin Mao, Senior Partner at Kohlberg. “We are extremely proud of CEO Adam Biggam and the entire ENTRUST team, and we look forward to the Company’s continued success as it joins Leidos.”

“Kohlberg has been an invaluable strategic partner whose operational support and industry knowledge have helped to meaningfully support our growth aspirations and transform ENTRUST into the category leader we are today,” added Adam Biggam, ENTRUST CEO. “Most importantly, our collaboration with Kohlberg and resulting scale has strengthened our ability to serve customers and will enable us to continue strengthening North America’s critical power infrastructure for years to come.”

“Since we first partnered with ENTRUST in 2019, the Company has greatly expanded its footprint, built out its service capabilities and distinguished its brand in the marketplace, all for the benefit of its customers,” said Gus Harwood, Partner at Kohlberg. “We believe ENTRUST is exceptionally positioned to capitalize on the increasing demand for power infrastructure and grid development.”

Houlihan Lokey and Perella Weinberg Partners are serving as financial advisors, Ropes & Gray is serving as legal advisor, and KPMG is serving as accounting advisor to ENTRUST and Kohlberg in connection with the transaction.

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026.

About ENTRUST

ENTRUST Solutions Group’s 3,100+ professionals across 40+ locations in North America provide comprehensive and dependable engineering, consulting, design, asset integrity, data solutions, and automation services to utilities, operators, and industrial customers with excellence from start to finish. For more information, visit www.entrustsol.com.

About Kohlberg

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.

For more information, please visit www.kohlberg.com.

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