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M&A Deal Summary

Blue Water Energy Acquires Varel Energy Solutions

On October 28, 2019, private equity firm Blue Water Energy acquired energy services and equipment company Varel Energy Solutions from Sandvik

Acquisition Highlights
  • This is Blue Water Energy’s 13th transaction in the Energy Services and Equipment sector.
  • This is Blue Water Energy’s 5th transaction in the United States.
  • This is Blue Water Energy’s 4th transaction in Texas.

M&A Deal Summary
Date 2019-10-28
Target Varel Energy Solutions
Sector Energy Services and Equipment
Buyer(s) Blue Water Energy
Sellers(s) Sandvik
Deal Type Divestiture

Target

Varel Energy Solutions

Houston, Texas, United States
Varel Energy Solutions is a manufacturer and supplier of high-quality roller cone and fixed cutter drill bits. The company's proprietary design capabilities, efficient manufacturing, and global sales force uniquely position to provide drill bits that deliver outstanding performance and value to customers. VIES is comprised of three business units: Varel Oil & Gas Drill Bits, Varel Mining, and Downhole Products. Varel Energy Solutions was founded in 1947 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Blue Water Energy

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 861M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Blue Water Energy is a private equity firm focused on building energy companies. Blue Water looks to invest up to $150 million per project with a focus on production, upstream equipment and services, and midstream/downstream equipment and services. Blue Water typically invests in partnership with experienced management teams that have a track record of value creation. Blue Water Energy was formed in 2011 and is based in London.

DEAL STATS #
Overall 21 of 24
Sector (Energy Services and Equipment) 13 of 15
Type (Divestiture) 2 of 2
State (Texas) 4 of 4
Country (United States) 5 of 5
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-23 CRC Evans

Kintore, United Kingdom

CRC Evans is a provider of high-end pipeline welding, field joint coating, and spool base services to the energy industry, from Heerema Marine Contractors (“HMC”). CRC Evans was founded in 1936 and is based in Kintore, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 Severn

Gloucestershire, United Kingdom

Severnis a UK based business focused on the design and manufacture of control valves and related products and in the provision of specialist support services to Oil & Gas, LNG, Power, and other process plant users. Severn Glocon Group was founded in 1961 and is based in Gloucestershire, United Kingdom.

Buy -

Seller(S) 1

SELLER

Sandvik

Stockholm, Sweden
Category Company
Founded 1862
Sector Engineering
Employees40,344
Revenue 126.5B SEK (2023)
DESCRIPTION

Sandvik operates as a global engineering company. Sandvik is a high-technology and global industrial group that produces products and services that enhance customer productivity, profitability and safety. Sandvik was founded in 1862 and is based in Stockholm, Sweden.

DEAL STATS #
Overall 4 of 5
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 4 of 5
State (Texas) 1 of 1
Country (United States) 2 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-12 Beam IT

Fornovo di Taro, Italy

Beam IT SPA is a provider of metal Additive Manufacturing (AM) services and advanced end-use components. Beam IT is a trusted supplier of metal AM end-components to demanding industries, including automotive, energy and aerospace, and holds several relevant quality certifications to serve these industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-20 Summerill Tube

Scottdale, Pennsylvania, United States

Summerill Tube Corp. is a manufacturer of tubing products and fabricated tubing for a diverse groups of industries which include aerospace, petrochemical, power generation, nuclear, transportation, water jet cutting applications. Summerill Tube is based in Scottdale, Pennsylvania.

Buy -
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