Patriot Capital is pleased to announce that it has partnered with Azalea Capital and management to provide subordinated debt in support of Orbital Tool Technologies’ (“OTT”) acquisition of Century Turbine Repair (“Century”). OTT, an existing portfolio company of Azalea Capital, performs inspections, in-house and on-site machining and welding services, shaft and journal repairs, fan shaft restoration, and steam valve repairs for utilities and power generation clients throughout the United States. Century provides inspection, repairs, and refurbishes stationary and rotating equipment maintenance services for steam turbines and related rotating equipment operated by major utilities, municipal power plants, and major industrial firms. Century’s modern facility and highly trained staff provide the expertise and capability to perform work on large turbine components (up to 50 tons in-house and 75 tons in the field), which will enable OTT to expand its service offering and open it to new market opportunities.
