DENVER, June 28 /PRNewswire/ -- Platte River Ventures 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 Ventures 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 Ventures will allow the Company to increase its investments in people and capital to better serve ACT's customers."
"We are pleased to partner with the outstanding management team and employees at ACT," said Peter Calamari, Managing Director of Platte River Ventures. "This investment is aligned with our strategy of backing talented management teams in industrial and service sectors to help them grow their businesses both organically and through complementary acquisitions."
About Advanced Combustion Technology, Inc.
Headquartered in Houston, TX, 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, testing and metallurgical analysis, as well as engineered solutions for life extension of critical turbine components. Over the past 14 years, the Company has also developed a significant inventory of replacement parts to meet customer needs. For more information on ACT, please visit www.act-texas.com.
About Platte River Ventures
Based in Denver, Colorado, Platte River Ventures 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 Ventures currently manages funds with committed capital in excess of $300 million. For more information on Platte River Ventures, please visit www.platteriverventures.com.
SOURCE Platte River Ventures