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FINANCIAL NEWS
Saudi Arcapita sells Varel for USD740m
01 Jun 2014
(MENAFN) Arcapita, a global investment management firm headquartered in Bahrain, has announced the full sale of Varel International Energy Services, Inc. (Varel), a major manufacturer of drill bits for the oil and gas, and mining and industrial industries to Sweden-based Sandvik AB for USD740 million, according to Arab News.
Atif A. Abdulmalik, Arcapita”s CEO, said, “We are pleased with the attractive outcome for investors in Varel from this profitable exit. It reflects the quality of the world-class company that we have built with Varel”s management team.”
Kevin Keough, Arcapita’s global head of portfolio management, said: “When we bought the company in 2007, we knew we were buying a solid company with a really strong management team and our add-on acquisition of DHP in 2008 enhanced that platform. Since our acquisition, Arcapita remained committed to supporting the company’s global growth strategy despite the industry downturn that began in 2008.”
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