KRG Capital Partners, a Denver, CO-based buyout firm, has sold drill-bit manufacturer Varel International to an affiliate of Atlanta-based private equity firm Arcapita, Inc. for $369 million. Varel, based in Carrollton, TX, is focused on the oil and gas, mining and industrial industries.
Varel produces polycrystalline diamond compact and roller cone bits for the oil and gas drill bit market, as well as roller cone bits for other mining and industrial applications.
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With operations and sales offices in 41 countries, Varel serves a broad range of national and multi-national oil and gas companies and generates 50% of its revenue outside North America.
