NEW YORK, Oct. 5, 2016 /PRNewswire/ -- Alleghany
Capital Corporation ("Alleghany Capital"), a subsidiary of
Alleghany Corporation, today 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.
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 of precision machine tools as well as a supplier of
replacement parts and related services; (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 of precision
machine tools as well as a supplier of replacement parts and
related services. The company's products include: (i) gear
hobbing, shaping, and grinding machines; (ii) vertical turning and
vertical grinding centers; and (iii) boring, rotary transfer,
multi-spindle, inspection, and other specialty machines.
Bourn & Koch's portfolio includes well-known 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.
Forward-looking Statements
This release contains disclosures which are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
do not relate solely to historical or current facts, and can be
identified by the use of words such as "may," "will," "expect,"
"project," "estimate," "anticipate," "plan," "believe,"
"potential," "should," "continue" or the negative versions of those
words or other comparable words. These forward-looking statements
are based upon Alleghany Corporation's current plans or
expectations and are subject to a number of uncertainties and risks
that could significantly affect current plans, anticipated actions
and Alleghany's future financial
condition and results. These statements are not guarantees of
future performance, and Alleghany
has no specific intention to update these statements. As a
consequence, current plans, anticipated actions and future
financial condition and results may differ from those expressed in
any forward-looking statements made by Alleghany or on Alleghany's behalf.
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SOURCE Alleghany Corporation