Diamond Technology Innovations Announces New Ownership by Alleghany Capital Corporation through Bourn & Koch
Olympia, WA, October [5, 2016 – Diamond Technology Innovations (dti™), a leading manufacturer of waterjet orifices and nozzles as well as related products, announced new ownership of the company by Alleghany Capital Corporation (“Alleghany Capital”), a subsidiary of Alleghany Corporation, through Bourn Koch, Inc. (“Bourn & Koch”).
Terry Derrico, President of Bourn & Koch, commented, “The acquisition of dti™ enhances Bourn & Koch’s existing business in machine tool consumables and spare parts and provides an entrance into the waterjet market, one of the faster growing segments within the machine tool industry. We are excited to partner with the talented team at dti™ and believe that both companies’ employees, suppliers, and customers will benefit from this combination. Ted Jernigan will continue at dti™ in his role as President and the company’s day-to-day operations will not be impacted by the transaction. As part of the Bourn & Koch family, dti™ will be well positioned to accelerate its growth by leveraging our presence within the global machine tool market and the resources of Alleghany Capital.”
“Backed by over 30 years of experience, dti™ is the leader in research, development, and service within the precision aligned orifice market,” stated Mr. Jernigan. “Through this transaction, dti™ will be able to build on its proven track record of quality, innovation, and growth within the diamond orifice market and broader waterjet industry. We are pleased to have found a long-term home for the company and are excited about the opportunities that will result from this transaction.”
David Van Geyzel, President and Chief Executive Officer of Alleghany Capital, added, “This transaction expands Bourn & Koch’s product portfolio and reach within the global machine tool market and is consistent with the company’s acquisition strategy. We look forward to supporting Bourn & Koch and dti™ as they continue to provide innovative and mission-critical solutions to their customers.”
Reynolds Advisory Partners, a Los Angeles-based boutique investment bank, represented dti™ in the Transaction.
About Alleghany Capital Corporation
Alleghany Capital Corporation sources, executes, and oversees certain investments and acquisitions for its parent company, Alleghany Corporation (NYSE:Y). Alleghany Capital’s investments include: (i) Bourn & Koch, Inc., a manufacturer and remanufacturer/retrofitter of precision machine tools and supplier of related replacement parts; (ii) IPS-Integrated Project Services, LLC, a technical service provider focused on the global pharmaceutical and biotechnology industries; (iii) Jazwares, LLC, a licensed toy and consumer electronics company; (iv) R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of custom trailers and truck bodies for the moving and storage industry and other markets; and (v) Stranded Oil Resources Corporation, an exploration and production company focused on enhanced oil recovery. For additional information about Alleghany Capital Corporation, please visit www.alleghanycc.com.
About Bourn & Koch, Inc.
Bourn & Koch, Inc., a subsidiary of Alleghany Capital Corporation, is a manufacturer and remanufacturer/retrofitter of gear hobbing, gear shaping, gear grinding, vertical turning centers, vertical grinding centers, boring, rotary transfer, multispindle, inspection and specialty machine tools. Bourn & Koch owns brands including Acme, American Tool, Barber Colman, Blanchard, Brown & Sharpe, Bullard, Conomatic, DeVlieg, Fellows, Ferguson, Futuremill, J&L, Mattison, Motch, MWMC, New Britain, Springfield, Rockford Machine Tool, Roto-Tech, and White-Sundstrand. For additional information about Bourn & Koch, please visit www.bourn-koch.com.
About Diamond Technology Innovations, Inc.
Diamond Technology Innovations, Inc. (dti™), the global leader in waterjet orifice innovation, develops technologies and products that continually advance the waterjet cutting and cleaning industries. dti™ combines its extensive experience in the waterjet industry with its expertise in diamond processing, to provide comprehensive orifice solutions, tailored to the exact needs of the evolving waterjet market. With a full range of standard nozzle styles and sizes for distributors, as well as a dedicated engineering team for custom OEM parts, dti™ adds unparalleled value as a strategic partner. The dtiCORE™ Diamond is the number one OEM choice inside top waterjet brands, and other widely known dti™ brands such as the SLICE2™ Cutting Head and tetraCORE™ orifice, demonstrate dti™’s commitment to optimized performance and innovation. For additional information about dti™, please go to www.dtiINSIDE.com.
