Alleghany Capital (Y) Unit Acquires Diamond Technology Innovations
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Alleghany Capital Corporation ("Alleghany Capital"), a subsidiary of Alleghany Corporation, announced that Bourn & Koch, Inc. ("Bourn & Koch") has acquired Diamond Technology Innovations, Inc. ("DTI"). Headquartered in Olympia, Washington, DTI is a leading manufacturer of waterjet orifices and nozzles as well as related products.
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 and Blue River Financial Group, Inc. identified the opportunity for Alleghany Capital. Lane Powell PC acted as legal counsel to DTI and Olshan Frome Wolosky LLP acted as legal counsel to Bourn & Koch.
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