A trio of private equity-driven transactions to note

Aurex

The space- and missile defense-focused company has acquired a provider of cryptographic engineering, cybersecurity and other related services for federal agencies.

Alpha 2 opened for business in 2013 to specialize in encryption engineering and secure communications support for space programs across the civilian, defense and intelligence communities.

With this transaction, Aurex is expanding its customer base into the classified domain and looking to bolster the company’s offerings for environments seen as highly-contested and complex.

Aurex is backed by the private equity firm Godspeed Capital, which put together the midsized company via a string of acquisitions dating back to 2024. Rapid prototyping, development and deployment are key areas of emphasis for Aurex amid the emergence of priorities such as the Golden Dome missile defense initiative.

B&A

The federal technology systems integrator has acquired a provider of intelligence services and solutions with the intent of improving postures for larger federal contracts.

Celestar opened for business in 2004 and touts its three core service areas as intelligence analysis and enabling services, data enterprise support, and training and professional services.

Celestar has recorded approximately $4.3 million in unclassified prime contract revenue over the trailing 12 months with the Army representing 73.5% of that spend and State Department work at 23.5%, according to USASpending.gov data.

B&A sees the acquisition as adding new intelligence disciplines to its portfolio, including the signals and imagery varieties. B&A is backed by the private equity firm DFW Capital Partners, which acquired the company in the summer of 2024 and supported the acquisition of Hexagon Federal’s defense and intelligence portfolio one year later.

Pond & Company

This full-service design and engineering firm has been acquired by Arlington Capital Partners, a private equity firm specializing in the government market and highly-regulated industries.

Pond & Company opened for business in 1965 and employs 850 people that work on infrastructure projects in the federal defense, energy, transportation and life sciences markets. Fuel storage and distribution, energy infrastructure, aviation infrastructure and medical sterilization represent some of Pond’s core technical service lines.

Pond & Company has recorded approximately $12.7 million in unclassified prime contract revenue over the trailing 12 months, according to USASpending.gov data. Air Force work represents 54.3% of that spend, followed by the Army at 34.9% and the Agriculture Research Service at 6.2%.

Arlington Capital is carrying out this transaction through its seventh fund, which closed in the fall at $6 billion in capital commitments. The agreement also marks an exit for DC Capital Partners, another private equity firm that previously held majority ownership of Pond since 2019.