Growing: Valer buys Downhole Products
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Varel scoops up Downhole Products
US drillbit maker Varel International has bought Aberdeen-based Downhole Products to create a new holding company, Varel International Energy Services.
The deal was supported by Arcapita, Varel’s primary investor, with financing support made possible through the Royal Bank of Scotland.
The new holding company owns both Downhole Products and Varel International.
“This acquisition demonstrates the continued growth and success we are experiencing with our new investors, Arcapita,” said Jim Nixon, chief executive of Varel International.
Financial details of the deal were not made public.