Allegany Capital Acquires CID Performance Tooling
Alleghany Capital Corporation (New York, NY), the parent company of machine tool builder Bourn & Koch, Inc. (Rockford, IL), acquired Coastal Industrial Distributors LLC (Saco, ME; dba CID Performance Tooling) and formed a new holding company for their subsidiaries in the machine tool and consumable cutting tool sectors. CID is a leading manufacturer of high-performance solid carbide end mills. The new holding company is called Precision Cutting Technologies and will include Bourn & Koch, Diamond Technology Innovations, Inc. (DTI; Olympia, WA), and CID.
“This transaction furthers our growth strategy in the machine tool and consumable tooling industries,” commented David Van Geyzel, the president and chief executive officer of Alleghany Capital. “While the formation of Precision Cutting Technologies will not change the management of Bourn & Koch, DTI, and CID, it places these companies under a single platform so that they can share resources and leverage their combined capabilities to provide an enhanced product and service offering to their customers. We are pleased to welcome CID to the Precision Cutting Technologies group of companies and look forward to supporting Bourn & Koch, DTI, and CID as they continue to serve their markets.”
“We are excited to partner with Jay Lowery, the founder and president of CID, as well as his experienced team, and believe that the employees, customers, and suppliers of all the companies within the Precision Cutting Technologies platform will benefit from this acquisition,” added Terry Derrico, the president of Precision Cutting Technologies and Bourn & Koch. “CID enhances Precision Cutting Technologies’ portfolio of consumable cutting tools, while expanding our business in the aerospace, defense, and medical end-markets. With Jay continuing to lead the company post-transaction, CID’s day-to-day operations will not be impacted. However, we believe CID will be well positioned to accelerate growth and augment its geographic reach by leveraging the experience, capabilities and support of Bourn & Koch, DTI, and Alleghany Capital.”
“Over the past 30 years, CID has become a leader in producing the highest quality custom tooling systems for customers serving the most demanding end-markets,” stated Jay Lowery. “As we build on our proven track record of quality, innovation, and service, 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.”
