Orem-based U.S. Synthetic Corp. has agreed to be acquired by LongRange Capital, a private equity firm in Stamford, Connecticut. ChampionX Corp. of The Woodlands, Texas, was the previous owner of U.S. Synthetic.
Founded in 1978, U.S. Synthetic is a provider of highly engineered polycrystalline diamond (PCD) technologies, including PCD inserts, bearings and other synthetic diamond science products for the energy, mining and industrial end markets. The company holds over 600 patents globally for synthetic diamond-based technologies.
“We are excited for our future as a standalone business under LongRange’s ownership,” said Rob Galloway, president of U.S. Synthetic. “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.”
“By investing in U.S. 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 U.S. Synthetic team to build upon their track record of delivering innovative material technology solutions to the energy industry and broader industrial end markets.”
The transaction is expected to close shortly after the closing of a previously announced acquisition of ChampionX by Texas oilfield company Schlumberger Ltd. Terms of the deal were not disclosed.