Doosan Heavy Industries & Construction has reached a deal to purchase ACT Independent Turbo Services Inc., a provider of repair services for gas turbine equipment, from Platte River Equity. The strategic deal expands the buyer’s footprint within the U.S.
Founded in 1996, ACT is an independent full-service gas and steam turbine repair company based in Houston. The target focuses on larger frame turbines for the power and industrial end markets. ACT’s range of services include: component inspection, rotor repair, and a variety of specialty coatings and on-site field services. Financial terms of the deal were not disclosed.
Doosan Heavy, a subsidiary of Doosan Group, is a South Korean manufacturer of power equipment. Founded in 1986, the buyer makes a variety of equipment, including: steam generators, nuclear reactors, boilers, turbines, plan instrument control systems, and bulk handling systems.
Platte River, based in Denver, is a private equity firm that typically invests up to $80 million in lower middle-market businesses with $40 million to $250 million in enterprise values. The firm targets industries including: aerospace and transportation, energy and industrial, agricultural and chemicals, metals and minerals.
Platte River has remained active in middle-market dealmaking and also raised a lower middle-market private equity fund with $625 million in capital. In June, the PE firm bought MFG Chemicals, a manufacturer of polymers and other chemical substances; acquired CTS Engines, a maintenance provider of aerospace engines; bought industrial tool manufacturer Jameson LLC, and invested in hoist maker Huskie Tools. Bartlit Beck Herman Palenchar & Scott LLP is serving as legal counsel to the PE firm.