Varel International (“Varel”) Varel is the world’s fifth largest supplier in the global oil & gas drill bit market and the third largest in the mining and industrial drill bit market.  The Company designs, manufactures and distributes roller cone and fixed cutter drill bits worldwide to major oil and gas exploration companies, drilling contractors, blasthole mining firms and other customers.

Originally founded in 1947, Varel’s business strategy and culture changed substantially following a management buyout in 1998.  Varel’s new senior management team significantly transformed the Company from a U.S. focused manufacturer of ‘second-tier’ oilfield drill bits into a global organization with product capabilities and distribution and now generates approximately half of its revenue outside of North America.  Varel’s proprietary design capabilities, low cost manufacturing and global sales force uniquely position the Company to provide high-quality drill bits that deliver reliable performance and industry leading value to its customer base.

Location:  Headquartered in Dallas, Texas with manufacturing facilities in Carrollton, Texas; Houston, Texas; Matamoros, Mexico and Tarbes France, as well as sales offices throughout the world.

Products:  Comprehensive product line consisting of roller cone and fixed cutter/polycrystalline diamond compact (PDC) drill bits.

Markets:  Global

Customers:  Oil and gas exploration companies, drilling contractors, blasthole mining firms and other customers.

Add-on Mission:  Executing a buy and build strategy primarily focused on acquiring companies with complementary capabilities.

Type of Add-on Desired:  Niche oil and gas downhole product companies (drill bit or other) with exceptional products and strong development capabilities.