Carousel Capital Reveals Investment In O.R. Colan Associates

By Amit Chowdhry • Mar 9, 2024

Carousel Capital has partnered with management and existing shareholders to recapitalize O.R. Colan Associates (ORC), a leading provider of right-of-way (ROW) services and land management solutions to utility, infrastructure, and public sector clients across the United States.

Founded in 1969 and based in Charlotte, North Carolina, ORC offers a comprehensive suite of turnkey solutions covering all aspects of the ROW process, including planning, title support, appraisal, right-of-way negotiation, property management, and relocation assistance. And with over 50 years of experience, ORC utilizes its expertise to handle complex right-of-way challenges. Plus, ORC is differentiated in the industry by the quality of its people and the value ORC consistently delivers to its loyal customer base through a network of 37 offices across the United States.

This funding continues Carousel Capital’s longstanding focus on partnering with management to invest in companies based in the Southeastern United States. And the deal was funded with equity from Carousel Capital’s sixth fund.

Freeport Financial provided senior debt financing. K&L Gates served as legal advisor to Carousel, Tripp Scott served as legal advisor to ORC, and ICG Capital served as financial advisor to ORC.


“As a family-owned business, our legacy and culture are critically important to our success.  We greatly value our people and our customers, and we chose Carousel because of their track record with family-owned businesses, and their understanding and appreciation for what makes ORC special. As I step into the next chapter of my life, I’m filled with gratitude for our incredible team and an unwavering belief in ORC’s potential.  We are poised for continued extraordinary growth.”

  • Cathy Muth, Owner and Former CEO of ORC, who will continue to support ORC at the board level and through continued ownership

“We are grateful for the vision that Cathy has provided over the past few decades and proud of what we have built together.  Carousel is the perfect partner for us given our alignment on strategy, our collective values of supporting our people and serving our customers, and their ability to help us accelerate and achieve our growth plan.”

  • Steve Toth, CEO of ORC

“We are thrilled to partner with Cathy and the leadership team at ORC to support them in strengthening their position as a premier provider of ROW services across the nation. The ORC team has developed a distinct domain expertise in the industry over the past 50 years with a demonstrated track record of organic growth.  We believe ORC is at an inflection point and is poised to leverage industry tailwinds in infrastructure and power to achieve substantial growth in the coming years.”

  • Al Welch, a Partner at Carousel Capital