Veritas Capital takes majority stake in Trinity Consultants

Veritas Capital has officially signed a definitive agreement to acquire Trinity Consultants from Oak Hill Capital, valuing the targeted engineering consulting platform at $1–10bn (enterprise value). Announced in August 2026, this leveraged buyout orchestrates a major capital transition for the environmental advisory firm, which currently generates approximately $100–200M in annual EBITDA. While relinquishing majority control, the exiting middle-market private equity sponsor—which initially backed the company in 2021 through its $3.8 billion Fund V—has structured a significant reinvestment to retain a minority shareholding position. Concurrently, the incumbent management team and the broader employee base will roll over a meaningful portion of their equity to maintain an aligned ownership stake. The strategic rationale articulated by the acquiring private equity partner centers on capitalizing on a definitive growth inflection point. The incoming financial sponsor intends to deploy programmatic capital to aggressively scale the consulting platform through targeted add-on acquisitions, accelerate the internal development of proprietary technological assets, and systematically expand major corporate accounts across the natural and built environments. This transaction directly follows the buyer's recent momentum in the technical services sector, mirroring its prior acquisition of integrated facilities management provider BGIS. To navigate the highly competitive divestment process, the seller and the targeted entity exclusively mandated an extensive banking consortium comprising Harris Williams, J.P. Morgan Securities, AEC Advisors, and Robert W. Baird & Co. to provide financial advisory services. The sell-side legal framework was formalized by a dedicated Paul, Weiss, Rifkind, Wharton & Garrison advisory team featuring partners Brian C. Lavin, Erika A. Detjen, and Trinidad Reyes. Conversely, the acquiring financial institution relied on the specialized legal counsel of Gibson, Dunn & Crutcher, led by partners John M. Pollack and Christopher R. Harding, to execute the complex corporate structuring and regulatory perimeters. Subject to customary antitrust clearances and standard closing conditions, the final transfer of shares is formally scheduled to conclude during the fourth quarter of 2026.