GREENWICH, CT March 16, 2007 — Littlejohn & Co., a private investment firm that applies an operational approach to building middle-market companies, today announced that it has completed the previously announced sale of Diamond Innovations to Sandvik Tooling, a subsidiary of Sandvik AB of Sweden.
Diamond Innovations is a leading global supplier of industrial diamonds, cubic boron nitride and related products utilized in a wide array of global industries to grind, cut, finish and polish metals, concrete and other hard materials. Littlejohn acquired Diamond Innovations in December 2003 when it was then the Superabrasives division of the General Electric Company. Under Littlejohn’s ownership, the management team successfully reorganized the company as a stand-alone entity and implemented a number of initiatives that drove earnings and revenue growth. Littlejohn acquired Diamond Innovations in December 2003 when it was then the Superabrasives division of the General Electric Company. Under Littlejohn’s ownership, the management team successfully reorganized the company as a stand-alone entity and implemented a number of initiatives that drove earnings and revenue growth.
“Diamond Innovations is today a much better performing company and with the combined resources, expertise and skills of Sandvik we are confident that the company will continue to grow on a global basis,” said Angus Littlejohn, Chairman and Chief Executive Officer of Littlejohn & Co. “This was a classic investment for us as we developed a fundamentally different strategy for Diamond Innovations than when it operated as a small division of a very large company. We are pleased that the transaction generated strong returns for our investors.”
About Littlejohn & Co., LLC
Littlejohn & Co., LLC is a control-oriented private equity firm seeking middle-market investment opportunities that are undergoing a fundamental change in capital structure, strategy, or operations and that can benefit from its hands-on approach. The firm is based in Greenwich, Connecticut. For more information, visit www.littlejohnllc.com, or Littlejohn can be reached at 203-552-3500.
