Arlington Expands Nuclear and Infrastructure Capabilities with ENERCON Buy

Arlington Capital has acquired ENERCON, a specialized engineering company serving nuclear and regulated power markets, from Oaktree Capital Management.

ENERCON provides engineering design, licensing support, environmental consulting, and project execution services to utilities, government agencies, and industrial customers. The company supports approximately 90% of U.S. nuclear plants, including small modular reactors and large-scale reactor programs.

Other ENERCON customers include power infrastructure projects and federal energy programs operated by the Department of Energy and National Nuclear Security Administration. ENERCON, led by CEO Robert Bryan, was founded in 1983 and is headquartered in Atlanta.

At the closing of the transaction, ENERCON will merge with Arlington portfolio company Pond & Company, with the combined business operating under the ENERCON name. Arlington acquired Pond in January 2026 as the first platform investment for the firm’s seventh fund.

Founded in 1965, Pond provides architecture, engineering, program management, and maintenance services supporting energy infrastructure, transportation systems, defense facilities, and life sciences manufacturing. Customers include federal agencies, state and local governments, utilities, and life sciences manufacturers. Pond is headquartered near Atlanta in Peachtree Corners and employs more than 850 professionals across 21 offices.

Together, ENERCON and Pond create a platform with capabilities spanning nuclear power, federal energy programs, natural gas infrastructure, and other industrial facilities. The combined company will operate nationally under the ENERCON brand and employ more than 2,700 people. The transaction also marks Arlington’s largest platform investment to date, with both management teams investing more than $100 million alongside Arlington in the combined company.

“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,” said Michael Lustbader, a managing partner at Arlington. “Meeting this demand will require rapid retooling of alternative energy resources and infrastructure, which, together, ENERCON and Pond are uniquely positioned to support. 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.”

“Together, Pond and ENERCON will broaden market access and enhance our ability to serve clients,” said Bob Williams, the CEO of Pond. “We are excited about the opportunity ahead as demand continues to outpace supply across the energy industry. Pond also has a significant presence and an exceptional reputation in the life sciences, government, and infrastructure markets, where it will continue to serve clients as Pond — an ENERCON company.”

“The combined business is well-positioned for its next phase of growth through continued organic investment in capabilities and talent as well as strategic acquisition opportunities,” said Gordon Auduong, a managing director at Arlington.

Bethesda, Maryland-based Arlington Capital invests in government-regulated industries and adjacent markets, including aerospace and defense; government services; and technology, healthcare, and business services.

Oaktree Capital Management makes investments in credit, private equity, real assets, and publicly traded equities. The Los Angeles-headquartered firm has more than 1,500 employees, offices in 26 cities worldwide, and approximately $223 billion in assets under management.

Houlihan Lokey was the financial advisor to Arlington and Pond, while Harris Williams was the financial advisor to ENERCON and Oaktree.