LongRange Capital – a private equity firm with a longer-term and customer-centric orientation to building and growing middle market businesses – announced that it has entered into a definitive agreement to acquire all of the equity interests in US Synthetic Corporation from ChampionX.
Launched in 1978 and based in Orem, Utah, US Synthetic is a leading provider of highly engineered polycrystalline diamond (PCD) technologies including PCD inserts, bearings, and other diamond science solutions for the energy, mining, and industrial end-markets. The company utilizes its deep expertise in material sciences to offer high-performance, custom-engineered, durable products to support its customers’ operations worldwide.
Through a strong culture focused on innovation and customer service, US Synthetic holds over 600 patents globally for synthetic diamond-based technologies, which supports its position as a partner to its customers.
The deal, which is subject to customary closing conditions and the closing of the previously announced transaction between ChampionX and Schlumberger Limited (SLB), is expected to close shortly after the closing of the ChampionX and SLB transaction.
Evercore served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel to LongRange. Centerview Partners served as financial advisor and Weil, Gotshal & Manges acted as legal counsel to ChampionX.
KEY QUOTES:
“By investing in US Synthetic, we’re not just backing a technology leader, we’re also supporting a company that has built a strong culture and reputation in its industry through a relentless focus on its customers’ needs for nearly 50 years. We look forward to partnering with Rob Galloway and the US Synthetic team to build upon their track record of delivering innovative material technology solutions to the energy industry and broader industrial end-markets.”
– Bob Berlin, Managing Partner at LongRange
“We are excited for our future as a standalone business under LongRange’s ownership. LongRange’s resources, capital, and commitment to fostering innovation and sustainable growth, makes them an ideal partner to support our efforts to deliver leading PCD solutions to our customers and invest in new applications for synthetic diamond technology.”
– Rob Galloway, President of US Synthetic
