Varel International Inc. reports the completion of its sale to an affiliate of Arcapita Inc. Varel, a technology leader in the oil and gas, and mining and industrial industries, was purchased from KRG Capital Partners, a Denver-based private equity firm, for approximately US $369 million. This transaction was completed to provide funding to further accelerate Varel’s growth and product offering.

“This transaction with Arcapita is an important milestone in Varel’s journey to be recognized as a leading global drill bit company,” said Jim Nixon, President & CEO of Varel International. “In the past few years, Varel has achieved explosive growth. We want to continue this growth by delivering more product innovation, product performance and service to the industries we serve. Arcapita is fully committed to helping us achieve these objectives. We are proud to have them as our new partner.”

The sale does not affect any of Varel’s 1,100 employees working in 41 countries. The current Varel executive management team will continue to develop and manage the strategic direction and operations of the company.

Tags: Arcapita Inc., Varel International Inc.