Key Takeaways
- • Arlington Capital acquired ENERCON from Oaktree Capital Management and merged it with portfolio company Pond & Company, creating a combined platform with more than 2,700 employees and capabilities spanning nuclear power, federal energy programs, and critical infrastructure.
- • ENERCON provides engineering, licensing, and consulting services to approximately 90% of U.S. nuclear plants, including small modular reactors and large-scale programs, plus work for the Department of Energy and National Nuclear Security Administration.
- • The combined entity, operating under the ENERCON brand, represents Arlington's largest platform investment to date, with both management teams investing more than $100 million alongside the firm in the combined company.
- • The deal reflects Arlington's strategic positioning in the energy infrastructure sector, capitalizing on demand drivers including AI-driven power consumption, domestic manufacturing expansion, and national security priorities requiring rapid infrastructure modernization.
- • Pond & Company, acquired by Arlington in January 2026 as the first platform investment for its seventh fund, brings 21 offices, 850+ professionals, and established relationships in federal, state, and local government contracting across energy, transportation, defense, and life sciences sectors.
Summary
Arlington Capital has acquired ENERCON, a specialized engineering firm serving nuclear and regulated power markets, from Oaktree Capital Management. At closing, ENERCON will merge with Arlington portfolio company Pond & Company, with the combined business operating under the ENERCON brand. This transaction marks Arlington's largest platform investment to date and underscores the firm's strategic bet on energy infrastructure modernization.
ENERCON, founded in 1983 and headquartered in Atlanta, provides engineering design, licensing support, environmental consulting, and project execution services to utilities, government agencies, and industrial customers. The company's client base encompasses approximately 90% of U.S. nuclear plants, including small modular reactors and large-scale reactor programs. ENERCON also serves federal energy programs operated by the Department of Energy and National Nuclear Security Administration. Robert Bryan leads ENERCON as CEO.
Pond & Company, founded in 1965 and headquartered in Peachtree Corners, Georgia, was acquired by Arlington in January 2026 as the first platform investment for the firm's seventh fund. Pond operates 21 offices nationwide with more than 850 professionals, providing architecture, engineering, program management, and maintenance services supporting energy infrastructure, transportation systems, defense facilities, and life sciences manufacturing. Pond's customer base includes federal agencies, state and local governments, utilities, and life sciences manufacturers.
The combined entity will operate nationally under the ENERCON name with more than 2,700 employees, spanning capabilities in nuclear power, federal energy programs, natural gas infrastructure, and industrial facilities. Both management teams—led by Pond CEO Bob Williams and ENERCON CEO Robert Bryan—are investing more than $100 million alongside Arlington in the combined company. Michael Lustbader, managing partner at Arlington, characterized the transaction within the context of structural shifts in power demand driven by artificial intelligence, manufacturing onshoring, and evolving national security priorities. Houlihan Lokey served as financial advisor to Arlington and Pond, while Harris Williams advised ENERCON and Oaktree Capital Management.
ENERCON, founded in 1983 and headquartered in Atlanta, provides engineering design, licensing support, environmental consulting, and project execution services to utilities, government agencies, and industrial customers. The company's client base encompasses approximately 90% of U.S. nuclear plants, including small modular reactors and large-scale reactor programs. ENERCON also serves federal energy programs operated by the Department of Energy and National Nuclear Security Administration. Robert Bryan leads ENERCON as CEO.
Pond & Company, founded in 1965 and headquartered in Peachtree Corners, Georgia, was acquired by Arlington in January 2026 as the first platform investment for the firm's seventh fund. Pond operates 21 offices nationwide with more than 850 professionals, providing architecture, engineering, program management, and maintenance services supporting energy infrastructure, transportation systems, defense facilities, and life sciences manufacturing. Pond's customer base includes federal agencies, state and local governments, utilities, and life sciences manufacturers.
The combined entity will operate nationally under the ENERCON name with more than 2,700 employees, spanning capabilities in nuclear power, federal energy programs, natural gas infrastructure, and industrial facilities. Both management teams—led by Pond CEO Bob Williams and ENERCON CEO Robert Bryan—are investing more than $100 million alongside Arlington in the combined company. Michael Lustbader, managing partner at Arlington, characterized the transaction within the context of structural shifts in power demand driven by artificial intelligence, manufacturing onshoring, and evolving national security priorities. Houlihan Lokey served as financial advisor to Arlington and Pond, while Harris Williams advised ENERCON and Oaktree Capital Management.
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