Arlington Capital Partners, a Washington D.C.-area private investment firm, has acquired ENERCON, a specialized nuclear and power engineering firm, from funds managed by Oaktree Capital Management, and simultaneously merged it with its existing portfolio company Pond & Company. The combined company will operate under the ENERCON name, headquartered in the Atlanta area, with more than 2,700 professionals and leadership retained from both organizations. Arlington describes the transaction as its largest ever platform build, with additional add-on acquisitions planned.
ENERCON delivers specialized nuclear engineering, licensing support, and power-generating capabilities to commercial and federal customers including the Department of Energy and National Nuclear Safety Administration. The company supports approximately 90% of the country’s nuclear plants and has deep expertise in both small modular reactors and large-scale reactors. POND brings complementary capabilities in federal energy, natural gas, and mission-critical infrastructure, with established customer relationships across the U.S. Department of War and INDOPACOM support capabilities. POND will continue to serve clients in life sciences, government, and infrastructure markets under the POND name as an ENERCON company. Management teams from both organizations have personally invested well over $100 million in the combined company alongside Arlington.
The deal comes as power demand enters what Arlington describes as a once-in-a-generation structural shift driven by AI, manufacturing onshoring, and changing national security priorities. Arlington has invested in over 200 companies since its founding in 1999, raising over $14 billion in committed capital and currently investing from its $6 billion Fund VII.
SUPPORT: Houlihan Lokey served as financial advisor and Gibson Dunn & Crutcher served as legal advisor to POND and Arlington. Harris Williams served as financial advisor and Kirkland & Ellis served as legal advisor to ENERCON and Oaktree.
KEY QUOTES:
“We have begun a once-in-a-generation structural shift in power demand driven by AI, the onshoring of manufacturing, and changing national security priorities. By combining ENERCON’s deep nuclear and power engineering expertise with POND’s established strengths in federal energy, natural gas, and mission-critical infrastructure, we are creating a highly differentiated platform with real momentum.”
Michael Lustbader, Managing Partner, Arlington Capital Partners
“Together, POND and ENERCON will broaden market access and enhance our ability to serve clients. We are excited about the opportunity ahead as demand continues to outpace supply across the energy industry.”
Bob Williams, CEO, POND
“Over more than 40 years, ENERCON has built a strong reputation by delivering highly technical engineering services, earning the trust of customers across the power sector. In this new chapter with POND and Arlington, we are excited to expand our ability to serve the evolving needs of the energy market at this critical time.”
Robert Bryan, CEO, ENERCON
“Oaktree is proud to have supported ENERCON through a remarkable period of growth. We look forward to seeing the combined ENERCON and POND business thrive under Arlington’s ownership.”
Ulysses Fowler, Managing Director, Oaktree Capital Management
