Warburg Pincus has put TRC Companies up for sale in a deal expected to fetch more than $3bn including debt, according to sources familiar with the matter cited by the Financial Times.

The New York-based private equity firm has hired Harris Williams, UBS, and AEC Advisors to manage the auction, which is drawing interest from a wide group of potential buyers.

TRC, founded in 1969, provides outsourced project management services for engineering and construction projects spanning infrastructure, power and utilities, and real estate. Warburg Pincus acquired the company from New Mountain Capital in 2021.

The sale comes as Warburg Pincus accelerates divestments across its portfolio, having already returned more than $10bn to investors this year. Key exits include a $5.3bn sale of electronic health records provider Modernizing Medicine, the $2.2bn sale of pumpmaker Sundyne to Honeywell, and the disposal of HR software group Neogov to EQT and Canada Pension Plan Investment Board for more than $3bn.

Warburg Pincus is also exploring sales of healthcare software businesses GHX and Ensemble Health Partners.

Despite a rebound in dealmaking following US tariff cuts, mid-market private equity exits remain subdued, with activity only marginally ahead of last year, according to Dealogic data analysed by Ropes & Gray.

Warburg Pincus and UBS declined to comment.

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