OSG Corporation acquires Contour
| Target: | Contour Diamonds |
| Seller: | Diamond Tools Group & Torqx Capital Partners |
| Advisory Diamond Tools Group: | Loyens & Loeff | Legal Advisory Corporate M&A Loyens & Loeff | Tax Advisory |
| Advisory Torqx Capital Partners: | DC Advisory | M&A Advisory Deloitte | Financial Due Diligence OC&C Strategy Consultants | Commercial Due Diligence |
| Buyer: | OSG Corporation |
| Date announced: | 2024-07-16 |
Diamond Tools Group B.V. (“DTG”) announces the execution of a share purchase agreement for the acquisition of its subsidiary, Precision Tools Holding B.V., by OSG Europe S.A., a subsidiary of the OSG Corporation (“OSG”). The financial specifics of the transaction have not been disclosed.
Precision Tools Holding B.V., comprising Contour Fine Tooling and Technodiamant (collectively referred to as “Contour”), stands as the global leader in the manufacture of ultra-precision diamond point cutting tools. Contour’s exceptional tools are critical in a variety of optical applications, including spectacles, contact lenses, intra-ocular lenses, and electro-optics. Their extensive product portfolio includes diamond turning and milling tools, recognized for their unparalleled tolerance levels. With a truly global reach, Contour serves a dedicated customer base across the EMEA, Americas, and Asia, maintaining longstanding partnerships with industry leaders.
The acquisition of Contour by the OSG Group represents a significant strategic expansion in the field of micro-precision machining, positioning OSG to accelerate its global growth. This merger introduces new customer segments and the latest advancements in diamond tool grinding technology to OSG’s portfolio. As the new proprietor, OSG will bolster Contour’s management team, aiding in the realization of their business goals and reinforcing Contour’s standing as the premier manufacturer of ultra-precision diamond cutting tools.
Bob Cassin, CEO of Contour, expressed his enthusiasm about the acquisition: “We are thrilled to embark on this new chapter for Contour. Partnering with OSG Corporation will enable us to leverage their extensive expertise and resources, enhancing our product offerings and market reach. We anticipate a fruitful collaboration that will allow us to meet our clients' evolving needs and maintain our industry leadership. Our heartfelt thanks go to Torqx for their invaluable support over the years.”
Adriaan Bol, Partner at Torqx Capital Partners, reflected on Contour’s growth: “Contour has significantly advanced in production capabilities, quality, service, and innovation, positioning itself better than ever to serve its esteemed customer base. It has been an honor to support Bob and the entire Contour team in their journey to become the global leader in diamond cutting tools. We are confident that Contour will continue to thrive under OSG Corporation’s guidance, and we eagerly await their future accomplishments.”
Hideaki Osawa, Head of Europe at OSG Europe S.A., added: “We are deeply impressed by Contour’s technological prowess and market leadership. This acquisition aligns perfectly with our strategic vision to expand our presence in the precision cutting tools market. We look forward to closely collaborating with the talented team at Contour to explore new opportunities and drive industry innovation.”