Arlington Capital Partners Acquires ENERCON and Completes Merger With Its Portfolio Company POND

Transaction creates an industry leader in highly regulated power & energy infrastructure engineering with deep next-generation nuclear expertise

Today's announcement marks Arlington's largest ever platform build, with additional add-ons planned

Washington, D.C. - April 29, 2026 - Arlington Capital Partners ("Arlington"), a Washington, D.C.-area private investment firm specializing in government regulated industries, today announced it has acquired ENERCON (the "Company"), a specialized engineering firm with a focus on nuclear and other highly regulated power end markets, from funds managed by Oaktree Capital Management, L.P. ("Oaktree"). As part of this transaction, ENERCON will merge with Arlington portfolio company Pond & Company ("POND"), a full-service design and engineering firm providing regulatory-driven, highly technical services to the federal government and customers across the energy industry. A leader in power and energy engineering with broad capabilities, national reach, and more than 2,700 professionals, the combined company will operate under the ENERCON name and the existing leadership team from both POND and ENERCON, with Atlanta-area headquarters.

"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, 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."

ENERCON delivers highly specialized nuclear engineering and licensing support and power-generating capabilities to commercial and federal customers. Since its inception, ENERCON has strategically expanded to meet the nation's growing energy demands, serving utilities, power infrastructure clients, and federal agencies including the Department of Energy and National Nuclear Safety Administration. ENERCON supports approximately 90% of the country's nuclear plants and has deep expertise in the development and deployment of both small modular reactors (SMRs) and large-scale reactors (LSRs), positioning it to capitalize on the next generation of nuclear growth. With POND's energy infrastructure expertise, long-standing customer relationships, including across the U.S. Department of War, and established INDOPACOM support capabilities, ENERCON is ideally positioned to become an end-to-end provider of choice across the regulated power ecosystem. The management teams of ENERCON and POND have personally invested well over $100 million in the combined company alongside Arlington.

"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, and developing deep expertise and long-standing relationships," said Robert Bryan, CEO of ENERCON. "We appreciate our strong partnership with Oaktree, which helped to strengthen that foundation. 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."

"Oaktree is proud to have supported ENERCON through a remarkable period of growth. We thank Robert and the entire ENERCON team for their dedication to safety, quality, and customer service across some of the most demanding assignments in the power sector. We look forward to seeing the combined ENERCON and POND business thrive under Arlington's ownership," said Ulysses Fowler, a Managing Director and Assistant Portfolio Manager at Oaktree.

"ENERCON has built a highly respected platform known for its technical expertise, customer focus, and ability to deliver critical solutions to its clients. We are impressed by the quality of the organization and the strength of its market position," said Gordon Auduong, a Managing Director at Arlington. "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."

Arlington has an extensive track record of investing in companies that help federal, state and local governments advance critical national security interests and support the maintenance and modernization of the nation's infrastructure. Select relevant investments include J&J Worldwide Services, Quantum Spatial, TRP Infrastructure Services and Tyto Athene.

Houlihan Lokey served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to POND and Arlington Capital Partners. Harris Williams served as financial advisor and Kirkland & Ellis LLP served as legal advisor to ENERCON and Oaktree.

About Arlington Capital Partners

Arlington Capital Partners is a Washington, D.C.-area private investment firm specializing in government-regulated industries. Focused on the aerospace and defense, government services and technology, and healthcare sectors, the Firm partners with founders and entrepreneurs to build platforms of strategic importance to national priorities. Operating in markets with high barriers to entry, Arlington looks to partner with organizations within these industries that save lives, improve effectiveness, and reduce costs. Since inception in 1999, Arlington has invested in over 200 companies, raised over $14 billion in committed capital, and is currently investing out of its $6 billion Fund VII. For more information, visit Arlington's website at https://www.arlingtoncap.com and follow Arlington on LinkedIn.

About ENERCON

ENERCON is a multi-disciplinary architecture, engineering, environmental, and project management firm focused on empowering our people to provide safe, high-quality engineering support for our clients. We provide a broad range of professional services to private, public, and government sector clients. ENERCON's clients include most major utilities, municipal electric companies, chemical and nuclear fuel cycle facilities, oil and natural gas companies, the federal government and many Fortune 500 companies. Founded in Tulsa, Oklahoma in 1983, ENERCON further expanded in 1989 to include Environmental and Industrial Services (E&IS) and added a Federal Services branch in 1992 to support local, state, and federal government agencies.

About Pond & Company

POND is a full-service consulting firm providing integrated engineering, architecture, planning, and construction management solutions to public and private clients since 1965. Our staff, located throughout the U.S. and globally, is committed to delivering tailored solutions. Recognizing that clients benefit the most when multi-disciplined expertise is leveraged, POND builds teams based on client and project requirements, regardless of location, reinforcing our "One POND" culture. We earn the trust that sets us apart. Visit https://www.pondco.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $223 billion in assets under management as of December 31, 2025. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,500 employees and offices in 26 cities worldwide. For additional information, please visit Oaktree's website at https://www.oaktreecapital.com.