Orem-based US Synthetic Corp. has been acquired by Stamford, Connecticut-headquartered LongeRange Capital, a private equity firm with a longer-term orientation to building and growing middle market businesses.
The seller was ChampionX Corp., an oil and gas equipment and services company in The Woodlands, Texas.
Founded in 1978, US Synthetic is a provider of highly engineered polycrystalline diamond (PCD) technologies, offering inserts, bearings and other diamond-science solutions for the energy, mining and industrial end-market applications. The company holds over 600 patents globally for synthetic diamond-based technologies.
Rob Galloway, who has been president of US Synthetic since 2009, will continue as CEO and 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 stand-alone 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.”