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Arlington Capital Partners

Medium
Washington, DC, United States · Founded 1999 · AUM $14.0 billion · Website
Leveraged BuyoutRecapitalizationGrowth CapitalAerospace and DefenseGovernment Services & TechnologyHealthcareInfrastructureUnited States
Last verified
7/8/2026

Firm Overview

45
Portfolio tracked
4
Sectors
1
Regions
7/8/2026
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 headquartered in Washington, D.C. Founded in 1999, the firm specializes in middle-market investments, specifically focusing on leveraged buyouts and recapitalizations. Since its inception, the firm has raised over $14 billion in committed capital across seven investment funds, with its most recent seventh fund closing at $6.0 billion in 2025.

The firm targets three core sectors: aerospace and defense, government services and technology, and healthcare. Arlington is known for its active role in the defense and government contracting space, having completed high-profile deals such as the acquisition of Exostar and the eventual sale of BlueHalo to AeroVironment.

In recent years, the firm has demonstrated significant growth in fund size and market recognition. In 2025, it was named among the top 20 global mid-market buyout firms in the HEC Paris-Dow Jones Mid-Market Buyout Performance Ranking, reflecting its strong performance in the segment between 2011 and 2020. Notable recent activity includes the $800 million sale of J&J Worldwide Services to CBRE Group and a $700 million infrastructure investment through the acquisition of Pond & Company.

Founded1999
HeadquartersWashington, DC, United States
AUM$14.0 billion
Target investmentMiddle market companies
Employees35+
StrategiesLeveraged Buyout, Recapitalization, Growth Capital
Sector focusAerospace and Defense, Government Services & Technology, Healthcare, Infrastructure
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
A co-founder of the firm in 1999.
Paul G. Stern
Co-founder
A co-founder of the firm in 1999.
Jeffrey H. Freed
Co-founder
A co-founder of the firm in 1999.
Robert I. Knibb
Co-founder
A co-founder of the firm in 1999.

Notable Investments

Avalign TechnologiesAdvanced HealthAEgisAfton ScientificApogen TechnologiesBlueHaloCadence AerospaceCentauriEndeavor RoboticsExostarGrand River Aseptic ManufacturingJ&J Worldwide ServicesNovetta SolutionsPond & CompanyStellant Systems

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 ↗
Grand River Aseptic Manufacturing (GRAM)HealthcareCurrentVisit ↗
GRVTYGovernment Services & TechnologyCurrentVisit ↗
HighwaterGovernment Services & TechnologyCurrentVisit ↗
IDSGovernment 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)Government Services & TechnologyCurrentVisit ↗
StellantAerospace & DefenseCurrentVisit ↗
Stellant SystemsAerospace & DefenseCurrentVisit ↗
Systems Planning & Analysis (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

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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