KRG Capital Partners sells drill mfg. for $369 million

KRG Capital Partners (www.krgcapital.com), a Denver-based buyout firm, sold Varel International Partners (www.varelintl.com), a manufacturer of drill bits for the oil and gas, mining and industrial industries, to an affiliate of Atlanta-based private equity firm Arcapita, Inc. Partners (www.varelintl.com) for $369 million.

Varel, based in Carrollton, Tx., 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. Varel has 1,000 employees, operations and sales offices in 41 countries, serves a broad range of national and multi-national oil and gas companies and generates 50 percent of its revenue outside North America.