Orbital Tool Technologies, a portfolio company of Azalea Capital, has acquired Century Turbine Repair. This is the second add-on acquisition that Azalea has completed for Orbital Tool since acquiring the company in July 2012.
Century Turbine Repair provides inspection, repair, and maintenance services for steam turbines and related rotating equipment operated by utilities, municipal power plants, and industrial companies. The company can perform work on large turbine components (up to 50 tons in-house and 75 tons in the field). Century Turbine was founded in 2007 and is headquartered near St. Louis in Pevely, MO (www.centuryturbinerepair.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 US 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 was founded in 1996 and headquartered in Belvidere, IL (www.orbitaltool.com).
“Orbital Tool’s experience in field machining, spare parts fabrication, and valve repairs, combined with Century’s capabilities in steam path inspection and repairs will offer the utility and industrial markets a sole source provider for the vast majority of their rotating equipment maintenance needs,” said Century Founder Bill Huey.
Azalea Capital invests in middle market companies that have annual revenues of $10 million to $100 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, pet products and services, value-added distribution, and healthcare. The firm is currently investing out of it third fund, Azalea Fund III, LP. Azalea Capital was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-22-13