Advanced Combustion Technology, Inc. (“ACT”) announced today that it has promoted Brian McKenzie to President and Chief Executive Officer and has partnered with Platte River Ventures to support the immediate growth of the Company.
Brian McKenzie has nearly thirty years of experience in the turbomachinery repair industry, including more than twenty years with Sulzer Turbo Machinery Services, where he served as President, and its predecessor, Hickham Industries. Concurrent with the promotion of McKenzie, ACT received a majority investment from Platte River Ventures, a Denver, CO based private equity firm focused on investing in industrial service companies. The partnership will enable ACT to increase its investment in new tooling and equipment and expand its service capabilities.
“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. “ACT has attracted some of the best people in the industry over the last year and we look forward to expanding the service capabilities of ACT while continuing to provide great service as ACT has done for the past 14 years.” Joe Cosart, who founded ACT in 1996, will step down as President of the Company but will continue to have an ongoing role in the business. Mr. Cosart commented, “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.”
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. ACT is located on fifteen acres, with over 40,000 square feet of climate controlled facilities. 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.
Advanced Combustion Technology, Inc.
Brian McKenzie, President and CEO