September 13, 2012: Azalea Capital is pleased to announce Orbital Tool Technologies (OTT) has acquired Turbine Engineering Concepts Inc. (TEC) located in Gainesville, GA. TEC provides fabrication, inspection and repair services for steam turbine components for the Power Generation industry. Coupled with OTT's two Illinois facilities, the new Georgia location significantly expands the overall company's capacity for turbine valve fabrication and repairs, and OTT is better able to serve power generation firms located in the Southeast.
Keith Ravan, CEO of Orbital commented, "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."
About Orbital Tool Technologies
Orbital Tool Technologies, Inc. is headquartered in Belvidere, IL and has offices in Roscoe, IL and Gainesville, GA. A portfolio company of The Azalea Fund III, L.P., Orbital 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 deploys experienced field technicians, field service equipment, and numerous 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. To learn more about OTT, please visit www.orbitaltool.com.
About Azalea Capital
Azalea Capital, founded in 1996, is a private equity firm headquartered in Greenville, SC. Azalea invests equity capital in lower middle-market firms to facilitate management buyouts, business recapitalizations, and growth plans. Partnering with management teams in scalable, operating companies with established revenues and cash flows, we provide both financial and human capital to significantly enhance the long-term equity value of the underlying business. Typical investment candidates will have minimum annual revenues of $10 million in the focus industries of manufacturing, value-added distribution, business services, consumer products, and healthcare.
Azalea Capital is actively seeking new investment opportunities for its third partnership, The Azalea Fund III, L.P. Other holdings of Azalea include Modus (Washington, DC), Star Packaging Corp. (Atlanta, GA), KLMK Group, Inc. (Richmond, VA), ETAK Systems, Inc. (Charlotte, NC), and Sunbelt Chemicals Corp. (Palm Coast, FL). For questions or more information about Azalea Capital, please visit www.azaleacapital.com.