LongRange Capital Completes Acquisition of US Synthetic

STAMFORD, Conn.--(BUSINESS WIRE)--LongRange Capital (“LongRange”), a private equity firm with a longer-term, customer-centric orientation to building and growing middle market businesses, has completed its acquisition of US Synthetic Corporation (“US Synthetic” or the “Company”) from ChampionX Corporation.

US Synthetic, headquartered in Orem, Utah, is a leading provider of highly engineered polycrystalline diamond (PCD) technologies, offering PCD inserts, bearings, and other diamond science solutions for the energy, mining, and industrial end-markets. US Synthetic leverages its deep expertise in material sciences to provide high-performance, custom-engineered, durable products to support its customers’ operations worldwide. With 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 best-in-class partner to its customers.

Rob Galloway, having served as President of US Synthetic since 2009, will continue to lead the Company as Chief Executive Officer & President.

“We are excited to complete our acquisition of US Synthetic and to partner with Rob and the entire US Synthetic team,” said Bob Berlin, Managing Partner at LongRange. “The Company has built an exceptional culture of continuous improvement and demonstrated a track record of success through its focus on innovation and customer service. We look forward to supporting US Synthetic as they continue to build upon their material science expertise in delivering industry-leading PCD solutions and expanded use of their unique synthetic diamond technology across different industrial applications.”

“As a fully standalone business under LongRange ownership, US Synthetic is completely focused on delivering enhanced products and solutions for our customers with best-in-class service,” said Galloway. “We have a renewed and enhanced commitment to working in partnership with our customers to deliver industry leading solutions. With LongRange’s resources, capital, and commitment to fostering innovation and sustainable growth, we are well-positioned to build upon our legacy of excellence in material science solutions.”

Evercore served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to LongRange on the transaction.

About US Synthetic Corporation

Founded in 1978, US Synthetic Corporation 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 leverages its deep expertise in material sciences to provide high-performance, custom-engineered, durable products to support its customers’ operations worldwide. With a strong culture focused on innovation and customer service, US Synthetic holds over 600 patents globally for synthetic diamond-based technologies. For more information, please visit www.ussynthetic.com.

About LongRange Capital

LongRange Capital is a private equity firm formed to apply a longer-term perspective to investments and employ a company-focused, customer-first philosophy to building better businesses. We seek to create value by partnering with our portfolio companies and their management teams to ensure that the strategy, resources, capital, execution, and incentives are aligned to achieve our collective goals. The LongRange team has a successful track record of investing in and growing businesses across a range of industries, including industrial products, chemicals, industrial technology, and consumer goods and services, among other segments. LongRange is currently investing a highly flexible, committed capital pool backed by long-term institutional holders. For more information, please visit www.longrangecapital.com.