Trinity Hunt Partners has established a new economic consulting and dispute advisory platform with an investment in Berger Consulting Group, the Dallas-based private equity firm announced March 5. The deal marks Trinity Hunt's entry into the expert services sector and signals growing investor appetite for professional services firms serving litigation and regulatory markets.

Financial terms were not disclosed, but the transaction represents Trinity Hunt's strategy of building specialized service platforms through add-on acquisitions. Berger Consulting Group, founded in 2007 and based in Charlottesville, Virginia, provides economic analysis and expert testimony in complex commercial disputes, antitrust matters, and regulatory proceedings.

The investment comes as demand for economic expert services has surged amid rising litigation activity and regulatory scrutiny across multiple industries. According to market research, the global expert witness services market exceeded $5 billion in 2025, with economic consulting representing one of the fastest-growing segments driven by antitrust enforcement and commercial litigation.

"Berger Consulting Group has built an exceptional reputation for delivering sophisticated economic analysis in high-stakes matters," said Chris Wooldridge, Managing Director at Trinity Hunt Partners. "This investment provides the foundation for building a leading expert services platform through strategic partnerships with complementary firms."

The economic consulting and expert witness sector has emerged as an attractive target for private equity investors seeking defensible, high-margin service businesses. These firms typically generate steady revenue streams through long-term client relationships with law firms, corporations, and government agencies, with profit margins often exceeding 20%.

Berger Consulting Group specializes in providing economic analysis and expert testimony across antitrust, intellectual property, commercial damages, and regulatory matters. The firm's professionals have testified in federal and state courts nationwide and before regulatory bodies including the Federal Trade Commission and Department of Justice.

Industry consolidation has accelerated over the past three years as larger consulting platforms seek to expand service capabilities and geographic reach. Notable transactions include Duff & Phelps' acquisition of Kroll in 2022 and FTI Consulting's continued expansion through tuck-in acquisitions of specialized expert firms.

The sector's appeal stems from several factors: recurring revenue from repeat clients, limited capital requirements, high barriers to entry based on expertise and reputation, and counter-cyclical demand patterns as litigation and regulatory activity often increases during economic downturns.

Trinity Hunt Partners, founded in 2003, manages approximately $2 billion in committed capital and focuses on middle-market companies in business services, consumer products, and healthcare sectors. The firm typically pursues control investments in companies with enterprise values between $100 million and $500 million.

The Berger investment follows Trinity Hunt's established strategy of partnering with founder-led businesses in fragmented service sectors where consolidation can drive value creation. The firm has successfully executed similar platform-building strategies in previous investments, including healthcare IT services and industrial distribution.

According to industry sources familiar with the transaction, Trinity Hunt plans to support Berger's organic growth while pursuing strategic add-on acquisitions to expand the platform's capabilities and market presence. The firm has identified economic consulting, forensic accounting, and industry-specific expert services as target areas for expansion.

The expert services consolidation wave mirrors trends in adjacent professional services sectors, where private equity-backed platforms have achieved significant scale through roll-up strategies. Leading examples include Alvarez & Marsal, which has grown from boutique consulting origins to a multibillion-dollar advisory powerhouse through strategic acquisitions.

Trinity Hunt's platform strategy focuses on combining Berger's core economic consulting expertise with complementary service lines that serve overlapping client bases. Potential expansion areas include financial advisory services, industry-specific expert testimony, and specialized regulatory consulting.

The timing of Trinity Hunt's entry into economic consulting coincides with unprecedented demand for expert services driven by multiple macroeconomic and regulatory factors. Federal antitrust enforcement has intensified under the Biden administration, with the FTC and DOJ challenging numerous high-profile mergers and pursuing more aggressive litigation strategies.

Commercial litigation activity reached a 15-year high in 2025, according to data from major federal district courts, with complex commercial cases requiring economic analysis growing faster than overall caseloads. Industries facing heightened litigation include technology, healthcare, financial services, and energy.

Securities class actions and shareholder derivative suits have also contributed to demand growth, as institutional investors increasingly pursue damages claims related to corporate fraud, mismanagement, and disclosure failures. These cases typically require detailed economic analysis of stock price movements, market efficiency, and damage calculations.

Regulatory proceedings before agencies including the SEC, FERC, and state public utility commissions generate steady demand for economic expert testimony on rate-making, market structure, and competitive effects. These engagements often span multiple years and produce predictable revenue streams for consulting firms.

Intellectual property disputes have emerged as another growth driver, particularly in pharmaceutical and technology sectors where patent valuations and reasonable royalty calculations require sophisticated economic modeling. The rise of patent assertion entities has further increased litigation volumes in these areas.

The FTC's aggressive stance on merger challenges has created a particularly robust market for economic consulting services. The agency blocked or unwound more than 20 transactions in 2025, the highest number in two decades, with most cases involving extensive economic expert testimony on market definition, competitive effects, and consumer welfare.

Proposed vertical merger guidelines and expanded scrutiny of private equity roll-up strategies have also generated demand for economic analysis, as companies seek expert opinions to support regulatory filings and defend transactions before federal and state authorities.

Berger Consulting Group has established itself as a respected mid-market player in economic consulting since its founding nearly two decades ago. The firm's professionals have provided expert testimony in more than 200 cases across federal and state courts, with expertise spanning antitrust, commercial damages, intellectual property, and regulatory economics.

The firm's client base includes Am Law 100 law firms, Fortune 500 corporations, and government agencies seeking independent economic analysis in complex disputes. Berger's professionals hold advanced degrees in economics, finance, and related fields, with several having previously worked at larger consulting firms or academic institutions.

According to industry data, Berger ranks among the top 25 economic consulting firms by expert testimony frequency in federal courts, competing with larger established players while maintaining a reputation for personalized service and responsiveness. The firm's case experience spans industries including healthcare, technology, financial services, manufacturing, and retail.

Berger's leadership team, which will continue managing day-to-day operations under Trinity Hunt's ownership, brings decades of combined experience in forensic economics and litigation support. The firm has successfully defended its experts' methodologies against Daubert challenges and maintains high acceptance rates for testimony admissibility.

Trinity Hunt's investment structure preserves Berger's existing management team and operational independence while providing capital and strategic support for growth initiatives. This approach reflects common practice in professional services acquisitions, where maintaining founder and senior leadership relationships proves critical to client retention and talent management.

The firm's professionals will continue serving existing client engagements without disruption, with Trinity Hunt focusing on back-office infrastructure, business development support, and facilitating strategic partnerships with complementary service providers.

The economic consulting and expert services market remains highly fragmented despite recent consolidation activity, with the top 10 firms controlling less than 40% of market share. This fragmentation creates opportunities for well-capitalized platforms to pursue roll-up strategies and achieve meaningful scale advantages.

Leading competitors include Analysis Group, Compass Lexecon, NERA Economic Consulting, and Charles River Associates, all of which have grown through combinations of organic expansion and strategic acquisitions. These larger firms typically employ 200-500 professionals and maintain offices in major U.S. and international markets.

Mid-market firms like Berger face competitive pressures from both larger full-service consultancies seeking to expand market share and smaller boutique firms offering specialized expertise in niche practice areas. Private equity backing provides resources to compete more effectively across both dimensions through investment in talent, technology, and marketing.

Industry observers expect consolidation to accelerate over the next 3-5 years as founder-led firms face succession challenges and larger platforms seek to capture market share. Trinity Hunt's entry follows similar platform investments by other middle-market private equity firms recognizing the sector's attractive characteristics and growth potential.

While Trinity Hunt did not disclose Berger's financial metrics, economic consulting firms typically generate 15-25% EBITDA margins with revenue per professional ranging from $300,000 to $600,000 depending on seniority mix and practice areas. Top-performing firms achieve margins exceeding 25% through efficient project management and high billing rate realization.

Industry sources suggest Berger generates annual revenue in the $15-30 million range, positioning it as a lower mid-market platform with significant growth runway through both organic expansion and strategic acquisitions. The firm's historical growth rate has tracked overall market expansion at approximately 6-8% annually.

Trinity Hunt's growth plan targets 15-20% annual revenue expansion through a combination of organic client development, talent recruitment, and strategic acquisitions. The firm plans to invest in business development infrastructure, including dedicated client relationship management and proposal development capabilities.

Technology investments will focus on proprietary analytical tools, data management systems, and client portals designed to improve project efficiency and differentiate the platform from competitors relying on generic software solutions. These capabilities become increasingly important as clients demand faster turnaround times and more sophisticated modeling.

Trinity Hunt Partners worked with Harris Williams as financial advisor on the transaction, while legal counsel was provided by Kirkland & Ellis. Berger Consulting Group was advised by an undisclosed investment bank and received legal representation from McGuireWoods.

The deal structure includes significant equity participation for Berger's founding partners and key professionals, aligning management incentives with the platform's long-term growth objectives. This approach has become standard practice in professional services transactions where human capital retention drives value creation.

Trinity Hunt financed the acquisition through committed fund equity without external leverage at the platform level, though the firm may introduce debt financing as the business scales and cash flow visibility improves. This conservative capital structure reflects the people-intensive nature of the business and potential volatility in litigation-driven revenue.

The transaction closed in early March 2026 following regulatory review and customary closing conditions. Trinity Hunt expects to announce additional platform investments and add-on acquisitions over the coming 12-18 months as it builds out the expert services platform.

The expert services sector appears positioned for sustained growth driven by structural trends including increased regulatory complexity, rising litigation costs that incentivize stronger expert support, and growing sophistication of economic analysis requirements across practice areas.

Demographic factors also support positive industry dynamics, as an aging generation of expert witnesses and consulting firm founders creates succession planning needs that favor private equity partnerships. Many founder-led firms lack internal succession candidates or family members interested in continuing the business.

Technological disruption poses both opportunities and challenges for the sector. While artificial intelligence and machine learning tools may automate routine analytical tasks, complex litigation and regulatory matters will continue requiring human expertise, judgment, and persuasive testimony capabilities that technology cannot replicate.

Trinity Hunt's entry into expert services follows a broader trend of private equity firms pursuing defensible, knowledge-based service businesses with attractive unit economics and growth characteristics. Similar investments in recent years have targeted management consulting, technical advisory, and specialized professional services niches.