Platte River Equity announced today that it has acquired all of the outstanding stock of Advanced Combustion Technology, Inc. (“ACT” or the “Company”), in partnership with senior management of the Company. Headquartered in Houston, Texas, ACT is a leading independent provider of turbine component repairs for power generation and industrial end-users.
“We are looking forward to our new partnership with Platte River Equity and believe they are the right people to help ACT achieve its long-term goals,” said Brian McKenzie, President and CEO. Joe Cosart, who founded ACT and will also continue to have an ongoing role in the business, said, “ACT is positioned for meaningful growth, and this transaction with Platte River Equity will allow the Company to increase its investments in people and capital to better serve ACT’s customers.”
PRV’s strategy is to invest behind strong management teams in industries where the firm’s principals have significant operating and investing experience, including aerospace, industrial services, energy services, metals, chemicals and agriculture. The firm seeks investment opportunities where its principals can add meaningful value to its management partners in creating larger enterprises through internal growth and complementary acquisitions.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on investing in small and middle market operating companies with enterprise values generally between $10 million and $200 million in industrial and energy services, aerospace, metals, chemicals, agriculture and industrial minerals. The firm seeks investment opportunities where it can leverage its principals’ significant operating expertise to help its management partners develop significantly larger enterprises through a combination of internal growth and complementary acquisitions. Platte River Equity currently manages funds with committed capital in excess of $300 million.