Platte River Equity said July 26 that it sold ACT Independent Turbo Services Inc to Doosan Heavy Industries & Construction. Financial terms weren’t announced. ACT, of Houston, is a full-service gas and steam turbine repair company focused on large frame turbines for power and industrial end users.
Platte River Equity Announces the Sale of ACT Independent Turbo Services, Inc. to Doosan Heavy Industries & Construction
Denver, CO, July 26, 2017 – Platte River Equity (“Platte River”) today announced the sale of its portfolio company, ACT Independent Turbo Services, Inc. (“ACT”), to Doosan Heavy Industries & Construction (KRX: 000150) (“Doosan”).
Headquartered in Houston, Texas, and founded in 1996, ACT is a leading independent full-service gas and steam turbine repair company focused on large frame turbines for power and industrial end users. ACT provides component and rotor inspection and repair, as well as specialty coatings and field services. With over twenty years of experience, ACT has become a trusted service provider to leading power and industrial customers.
“It has been an honor to work with Billy Coleman and the rest of the world-class team at ACT,” said Platte River Managing Director Peter W. Calamari. “They have built a company with tremendous growth potential, and I believe the organization will be able to serve its expanding customer base even better under Doosan’s ownership.” Billy Coleman, President and CEO of ACT, commented, “the financial, strategic and operational support Platte River has provided to ACT throughout our partnership has been invaluable. We accomplished all we had set out to do, and our management team looks forward to a new chapter of continued growth.” Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $40 million and $250 million. The firm invests in sectors where it has deep operating and investing experience, including aerospace & transportation; energy & power; agriculture & chemicals; and metals & minerals. Platte River has raised funds with committed capital in excess of $1.3 billion.
About ACT Independent Turbo Services, Inc.
Headquartered in Houston, Texas, ACT is a leading independent provider of turbine component repairs for power generation and industrial end users. ACT’s services include inspection, cleaning, repair, vacuum heat-treating, custom machining, coating, testing and metallurgical analysis, as well as engineered solutions for life extension of critical turbine components.