OREM: LongRange Capital, a private equity firm with a focus on long-term, customer-centric growth of middle market businesses, announced that it has entered into a definitive agreement to acquire US Synthetic Corporation from ChampionX Corporation.
Founded in 1978 and based in Orem, Utah, US Synthetic is a leading provider of polycrystalline diamond (PCD) technologies, including PCD inserts, bearings, and other diamond science solutions for the energy, mining, and industrial end-markets. The company has built a reputation for high-performance, custom-engineered, durable products and holds over 600 patents globally.
“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,” said Bob Berlin, Managing Partner at LongRange. “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.”
Rob Galloway, President of US Synthetic, expressed enthusiasm for the future under LongRange’s ownership. “LongRange’s resources, capital, and commitment to fostering innovation and sustainable growth make 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,” Galloway said.
The transaction, which is subject to customary closing conditions and the closing of the previously announced transaction between ChampionX and Schlumberger Limited, is expected to close shortly after the ChampionX and SLB transaction.
Evercore served as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to LongRange. Centerview Partners served as financial advisor, and Weil, Gotshal & Manges LLP acted as legal counsel to ChampionX.