Orbital Tool Technologies, a portfolio company of Azalea Capital acquired in August 2012, has completed its first add-on acquisition with the purchase of Turbine Engineering Concepts, a provider of fabrication, repair and maintenance services for steam turbine components.
“We are excited to expand Orbital’s geographic reach into the Southeastern region of the U.S. Partnering with Azalea, we look forward to offering utilities and OEMs a heightened level of capability and customer service, and to build on the foundation that Orbital has built over the past 16 years,” said Keith Ravan, CEO of Orbital Tools.
Turbine Engineering Concepts (TEC) is a provider of fabrication, repair and maintenance services for steam turbine components. The company is based in Gainesville, GA (www.turbineengineeringconcepts.com).
Orbital Tool Technologies (OTT) performs inspections, in-house fabrication and on-site machining and repair services of component parts used in the generation of electricity by utilities operating in the U.S. nuclear, fossil, hydro-electric and wind industries. The company also serves the pulp and paper, municipal power, and turbine/valve OEM industries. OTT uses field technicians, field service equipment, and portable machine shops to handle both planned outages and emergency work. OTT also offers optical and laser alignment, reverse engineering and steam turbine replacement parts. The company is headquartered in Belvidere, IL (www.orbitaltool.com).
Azalea Capital invests in middle market companies that have minimum annual revenues of $10 million and EBITDAs of $2 million to $10 million that are located in the Southeastern US. Industries of interest include manufacturing, business services, consumer products, value-added distribution, and healthcare. The firm was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
Azalea Capital is actively seeking new investment opportunities for its third fund, The Azalea Fund III, L.P. Other holdings of Azalea include Modus (Washington, DC), Star Packaging Corp. (Atlanta, GA), KLMK Group (Richmond, VA), ETAK Systems (Charlotte, NC), and Sunbelt Chemicals Corp. (Palm Coast, FL).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-13-12