PE Firm · Capital Allocator

Arlington Capital Partners

Medium
Washington, DC, United States · Founded 1999 · AUM $14.0 billion · Website
Leveraged BuyoutRecapitalizationGrowth CapitalAerospace and DefenseGovernment Services & TechnologyHealthcareUnited States
Last verified
8/19/2026

Firm Overview

49
Portfolio tracked
3
Sectors
1
Regions
8/19/2026
Last verified

Arlington Capital Partners is a Washington, DC-based private equity firm focusing on leveraged buyout and recapitalization investments in middle-market companies.

Arlington Capital Partners is a private equity firm based in Washington, DC, that specializes in middle-market investments. Since its inception in 1999, the firm has raised over $14 billion in committed capital across seven investment funds. The firm achieved significant growth in its fund sizes over time, culminating in a $6.0 billion seventh fund closed in 2025.

The firm focuses on three core sectors: aerospace and defense, government services and technology, and healthcare. Its investment activities typically involve leveraged buyouts and recapitalizations. Arlington has been recognized for its performance in the mid-market segment, appearing in global rankings such as the HEC Paris-Dow Jones Mid-Market Buyout Performance Ranking.

Notable recent activity includes the $800 million sale of J&J Worldwide Services to CBRE Group in 2024 and the sale of defense technology company BlueHalo to AeroVironment in 2025. The firm continues to be active in infrastructure and defense manufacturing, exemplified by its acquisition of Pond & Company and the formation of the defense manufacturing leader Keel.

Founded1999
HeadquartersWashington, DC, United States
AUM$14.0 billion
Target investmentMiddle market
Employees35+
StrategiesLeveraged Buyout, Recapitalization, Growth Capital
Sector focusAerospace and Defense, Government Services & Technology, Healthcare
Geographic focusUnited States

Leadership

Matt Altman
Managing Partner
Managing Partner at Arlington Capital Partners.
Michael Lustbader
Managing Partner
Managing Partner at Arlington Capital Partners.
Peter Manos
Managing Partner
Managing Partner at Arlington Capital Partners.
David Wodlinger
Managing Partner
Managing Partner at Arlington Capital Partners.
Raymond W. Smith
Co-founder
Paul G. Stern
Co-founder
Jeffrey H. Freed
Co-founder
Robert I. Knibb
Co-founder

Notable Investments

Avalign TechnologiesBlueHaloEndeavor RoboticsExostarGrand River Aseptic ManufacturingJ&J Worldwide ServicesKeelNovetta SolutionsOcto ConsultingPolaris AlphaPond & CompanyStellant SystemsTex TechTyto AtheneZemax

Historical and current deals referenced in public sources.

Portfolio Companies

CompanySectorStatusWebsite
Afton ScientificHealthcareCurrentVisit ↗
AVAerospace & DefenseCurrentVisit ↗
AV (AeroVironment)Aerospace & DefenseCurrentVisit ↗
AVS BioHealthcareCurrentVisit ↗
BlueHaloAerospace & DefenseExitedVisit ↗
CBSETHealthcareCurrentVisit ↗
CentauriGovernment Services & TechnologyExited
Cordica MedicalHealthcareCurrentVisit ↗
Endeavor RoboticsAerospace & DefenseExited
ENERCONBusiness Services & SoftwareCurrentVisit ↗
Eptec DefenceAerospace & DefenseCurrentVisit ↗
Eqlipse TechnologiesGovernment Services & TechnologyExitedVisit ↗
Everest Clinical ResearchHealthcareCurrentVisit ↗
Everest Clinical Research CorporationHealthcareCurrentVisit ↗
ExostarBusiness Services & SoftwareCurrentVisit ↗
FMI IndustriesAerospace & DefenseCurrent
Forged Solutions GroupAerospace & DefenseExitedVisit ↗
Forged Solutions Group (FSG)Aerospace & DefenseExitedVisit ↗
FSG (Forged Solutions Group)Aerospace & DefenseExitedVisit ↗
Grand River Aseptic Manufacturing (GRAM)HealthcareCurrentVisit ↗
GRVTYGovernment Services & TechnologyCurrentVisit ↗
HighwaterGovernment Services & TechnologyCurrentVisit ↗
IDSGovernment Services & TechnologyCurrentVisit ↗
IDS (Integrated Data Services)Government Services & TechnologyCurrentVisit ↗
Integrated Data Services (IDS)Government Services & TechnologyCurrentVisit ↗
J&J WorldwideGovernment Services & TechnologyExitedVisit ↗
J&J Worldwide ServicesGovernment Services & TechnologyExitedVisit ↗
KeelAerospace & DefenseCurrentVisit ↗
Kinetic Engine SystemsAerospace & DefenseCurrentVisit ↗
Millstone Medical OutsourcingHealthcareCurrentVisit ↗
Molecular ProductsHealthcareExited
NeumoGovernment Services & TechnologyCurrentVisit ↗
Octo Consulting GroupGovernment Services & TechnologyExitedVisit ↗
Qarbon AerospaceAerospace & DefenseCurrentVisit ↗
Radius AerospaceAerospace & DefenseCurrentVisit ↗
Riverpoint MedicalHealthcareCurrentVisit ↗
SPAGovernment Services & TechnologyCurrentVisit ↗
SPA (Systems Planning & Analysis, Inc.)Government Services & TechnologyCurrentVisit ↗
SPA (Systems Planning & Analysis)Government Services & TechnologyCurrentVisit ↗
StellantAerospace & DefenseCurrentVisit ↗
Stellant SystemsAerospace & DefenseCurrentVisit ↗
Systems Planning & Analysis (SPA)Government Services & TechnologyCurrentVisit ↗
Systems Planning & Analysis, Inc. (SPA)Government Services & TechnologyCurrentVisit ↗
Tex TechAerospace & DefenseCurrentVisit ↗
Tex Tech IndustriesAerospace & DefenseCurrentVisit ↗
TRPBusiness Services & SoftwareCurrentVisit ↗
TRP Infrastructure ServicesGovernment Services & TechnologyCurrentVisit ↗
Tyto AtheneGovernment Services & TechnologyCurrentVisit ↗
Verus AerospaceAerospace & DefenseCurrentVisit ↗

Source: www.arlingtoncap.com/investments

Portfolio Web Readiness

Not yet assessed

The assessment covers whether AI crawlers and search engines can reach and parse the public site, page performance, transport and security hygiene, and discoverability. 45 portfolio companies have a website on record.

Observational measurements of these companies' public websites only. Not a rating of the companies, their performance, their management, or their investment merit. Not investment advice. Request a correction or removal via Submit Update.

Sources

This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with Arlington Capital Partners and does not provide investment advice.

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