LongRange Closes Carve Out of US Synthetic from ChampionX
July 23, 2025|John McNulty
LongRange Capital has completed its carve-out acquisition of US Synthetic, a manufacturer specializing in polycrystalline diamond (PCD) technologies, from ChampionX.
This transaction was first announced in February 2025 but could not close until Schlumberger completed its acquisition of ChampionX, which had been delayed due to antitrust scrutiny and the need for regulatory approvals from several countries, including the United States and Norway. Last week, on July 16, Schlumberger closed the acquisition of ChampionX in an all-stock transaction valued at $8.2 billion.
US Synthetic specializes in manufacturing polycrystalline diamond (PCD) cutters, including PCD inserts, bearings, and other synthetic diamond-based products used in the oil and gas industry, as well as other applications. With a portfolio of over 600 patents, the company is a key global provider of engineered synthetic diamond products. Founded in 1978, US Synthetic is headquartered in Orem, Utah, just north of Provo.
Source: US Synthetic
Beyond oil and gas, PCD technology is used in precision machining for aerospace, automotive, and electronics manufacturing. It is also essential in construction for road milling and concrete cutting, as well as in woodworking and materials processing. Additionally, PCD is used in advanced fields like optics and quantum technology, as well as in industries such as jewelry making and medical device production.
Known for their hardness and wear resistance, PCD materials are a cornerstone in drilling, machining, and cutting applications across energy, mining, and manufacturing industries. In 2025, the global PCD market was valued at roughly $5.4 billion, and analysts project near doubling by 2034, with sustained growth driven by rising demand for high-performance tools in resource extraction and precision engineering, according to research from Custom Market Insights.
Source: US Synthetic
“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 Rob Galloway, the president of US Synthetic. “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.”
“We are excited to complete our acquisition of US Synthetic and to partner with Rob and the entire US Synthetic team,” said Bob Berlin, a 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.”
LongRange Capital makes both control and minority investments of $50 million to $400 million in middle-market businesses with revenues exceeding $200 million. Sectors of interest include non-discretionary consumer, food and beverage, information and data services, packaging, industrial, specialty chemicals, and specialty distribution. LongRange closed its first fund in September 2020 with capital commitments of more than $1.5 billion. The firm was founded in 2019 and is headquartered in Stamford, Connecticut.
ChampionX provides chemical products, artificial lift technologies, and digital automation services used in the oil and gas industry. Its chemical segment, including Nalco Water, helps prevent corrosion and scaling in oilfield operations. The artificial lift business, featuring Lufkin Rod Lift Solutions, supplies pumps and automation technologies to enhance oil well performance.
ChampionX, led by CEO Soma Somasundaram, was founded in 1928 and is headquartered in The Woodlands, Texas, with operations across North America, Latin America, Europe, the Middle East, and the Asia-Pacific region.
Evercore was the financial advisor to LongRange on this transaction.
LongRange Capital has completed its carve-out acquisition of US Synthetic, a manufacturer specializing in polycrystalline diamond (PCD) technologies, from ChampionX.
“We are excited to complete our acquisition of US Synthetic and to partner with Rob and the entire US Synthetic team,” said Bob Berlin, a 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.”
