LongRange Capital to Acquire US Synthetic from ChampionX

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, announced that it has entered into a definitive agreement to acquire all of the equity interests in US Synthetic Corporation (“US Synthetic” or the “Company”) from ChampionX Corporation (“ChampionX”).

Founded 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 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.

“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.”

“We are excited for our future as a standalone business under LongRange’s ownership,” said Rob Galloway, President of US 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.”

The transaction, which is subject to customary closing conditions, as well as 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 LLP acted as legal counsel to LongRange. Centerview Partners served as financial advisor and Weil, Gotshal & Manges LLP acted as legal counsel to ChampionX.

About LongRange Capital

Founded in 2019, 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.

About ChampionX

ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit www.championX.com.