Varel Adds Distributor

Varel Holdings Inc., a maker of drill bits for the oil & gas and mining industries, has acquired Pendemak Industries Ltd., Canadian distributor of Varel oil field drill bits for the past 26 years. The only financial terms disclosed were that Varel minority shareholder American Capital Strategies provided $16 million in the form of a senior unirate loan. Apollo Investment Corp. also provided unirate notes. Varel's majority shareholder remains KRG Capital Partners.