Pond & Company Acquired by Arlington Capital in Strategic GovCon Play

ALEXANDRIA, Va. – January 12, 2026 – DC Capital Partners announced today it has completed the sale of Pond & Company, a national leader in engineering and architecture, to Arlington Capital Partners. The transaction marks the culmination of a successful five-year partnership that strategically repositioned Pond within the highly competitive government and engineering markets.

Terms of the deal were not disclosed. The acquisition places Pond, a firm with roots stretching back to 1965, under the ownership of a private equity firm with a deep specialization in government-regulated industries. For DC Capital, the sale represents a lucrative exit, validating its hands-on approach to building value in middle-market companies. For Pond, it signals the start of a new chapter, backed by a new partner poised to fuel its next phase of expansion.

DC Capital first acquired a majority stake in Pond in July 2019, partnering with the firm’s employee-owners. The move set in motion a significant operational and strategic overhaul designed to prepare the company for more complex, large-scale projects.

The 'One Pond' Transformation

At the heart of the five-year partnership was the development and execution of the “One Pond” strategy. This initiative fundamentally transformed the company’s business model. Previously operating under a traditional “seller-doer” structure, where senior technical staff were also responsible for business development, Pond transitioned to a more scalable, market-focused platform. This involved centralizing its vast technical resources and building a corporate infrastructure capable of supporting significant growth.

This strategic shift enabled Pond to move beyond its traditional project scope and compete for increasingly complex, mission-critical programs for both public and private clients. The results included an expanded geographic footprint, a broader range of capabilities, and deeper penetration into key end markets like federal defense, energy, transportation, and life sciences.

“Our partnership with Pond exemplifies DC Capital's approach to building enduring businesses through our systematic and repeatable Strategic Process,” said Thomas J. Campbell, Founder and Managing Partner at DC Capital. “Together, we focused on positioning the company in attractive, high-growth end markets and investing in the capabilities required to support complex, mission-critical work. We are proud of the platform that has been built and the opportunity to partner with Bob and the Pond team.”

The transformation was a collaborative effort. Bob Williams, who remains Chief Executive Officer of Pond, praised the guidance provided by the outgoing equity partner. “The DC Capital team were engaged, collaborative partners who worked with us to think more strategically about how we operate and grow,” Williams stated. “Their guidance helped us refine our strategic priorities, strengthen our operating foundation, and align investment behind the areas where we could build scale and differentiation.”

This disciplined approach, which institutionalized the “One Pond” strategy, has built a company with a national presence of over 850 professionals across 21 offices. “Translating that strategy into execution meant instilling greater discipline around how the firm allocates resources, supports its teams, and delivers for clients - while preserving the culture and technical excellence that define Pond,” added Jerry B. Chernock, Partner at DC Capital.

A New Horizon with Arlington Capital

Pond’s new owner, Arlington Capital Partners, is a Washington, D.C.-area private investment firm that brings a different, yet highly complementary, strategic focus. With over $14 billion of committed capital, Arlington specializes in government-regulated sectors, including aerospace and defense, government services, and technology. The acquisition of Pond is the first platform investment from Arlington's recently closed Fund VII, a massive $6 billion fund targeting strategic U.S. industries.

Pond’s expertise in federal defense infrastructure, energy systems, and transportation aligns perfectly with Arlington’s investment thesis. The firm actively seeks companies that support national security interests and help federal, state, and local governments rebuild and maintain critical infrastructure. Pond, with its deep technical know-how in areas like fuel storage, aviation infrastructure, and medical sterilization, is a natural fit for this portfolio.

Arlington is known for its “buy-and-build” strategy, which involves accelerating organic growth while pursuing strategic add-on acquisitions. This approach suggests that Pond is now positioned for another period of significant expansion, backed by substantial financial resources. For Pond’s employees and clients, the retention of CEO Bob Williams signals operational continuity, while the new ownership promises access to greater capital for technology investment and the capacity to undertake even larger projects.

M&A Momentum in Mission-Critical Markets

The Pond acquisition does not exist in a vacuum. It is a high-profile example of a powerful trend of consolidation and investment sweeping through the engineering, architecture, and government services sectors. This M&A momentum is fueled by unprecedented levels of public spending and shifting national priorities.

A primary driver is the Bipartisan Infrastructure Law (IIJA), which has allocated $1.2 trillion toward modernizing the nation’s infrastructure. As of late 2024, over $568 billion of this funding had been directed to tens of thousands of projects, creating immense demand for engineering and construction management services. Projections show this spending will fuel an 8% growth in highway and bridge construction alone in 2025, reaching nearly $158 billion.

Simultaneously, federal contract spending remains robust, with the government committing $755 billion in Fiscal Year 2024. Agency priorities are focused on national security, digital modernization, and cybersecurity, creating lucrative opportunities for firms with specialized expertise. In this environment, companies like Pond—which have proven capabilities in mission-critical federal and infrastructure markets—become highly attractive assets.

Private equity firms are aggressively competing to acquire platforms that can effectively capture a share of this historic spending. The acquisition of Pond by Arlington Capital is a clear signal of investor confidence in the long-term resilience and growth potential of these markets. This combination of a refined operational platform and robust financial backing positions Pond to be a formidable competitor for the multi-trillion-dollar infrastructure and national security projects set to define the coming decade.