Varel International Makes Debut on 2008 Inc. 5000 List
Company Realizes Three-Year Sales Growth of 150.8 Percent
(DALLAS, August 26, 2008) - Inc. magazine announced Varel International as number 2,445 on its annual ranking of the 5,000 fastest-growing private companies in the country and 81st on its ranking of the 100 fastest-growing private companies in the Dallas/Fort Worth/Arlington area.
"This recognition is truly something that makes us proud," said Jim Nixon, Varel CEO and President. "Our company did this together, all of us. We have experienced tremendous growth in the past few years and it is an honor to be part of the Inc. 5000 list."
Varel is listed in the manufacturing category and was selected based on its revenue growth from 2004 to 2007. In the three-year period the company grew from $84.1 million in revenue to $210.9 million; a revenue growth of more than 150 percent.
"The Inc. 5000 gives an unrivalled portrait of young, underreported companies across all industries doing fascinating things with cutting-edge business models, as well as older companies that are still showing impressive growth," said Inc. 5000 Project Manager Jim Melloan.
Varel is one of the oldest companies on the list, one of seven founded in 1947. The company's growth curve accelerated in 1998, with an investor backed buyout initiated by the current management team. Since then, Varel has expanded its reach, acquiring Canadian Pendemak Industries in 2007, which is now Varel Rock Bits Canada. In addition, Varel completed the acquisition of Aberdeen-based Downhole Products Plc. in April 2008. This acquisition was supported by Arcapita, Varel's primary investor, with financing support made possible through the Royal Bank of Scotland (RBS).
Nixon added, "We are fortunate to be in our position. Our investors recognized the opportunities Varel has had to grow and they supported our plans. We also have an outstanding team of employees that work hard each day to grow our company; I applaud their efforts."
About Varel International
Founded in 1947, Varel International is the world's largest independent supplier of earth boring drill bits. Headquartered in Carrollton, Texas, Varel services oil & gas, mining, and industrial markets with its comprehensive suite of roller cone and fixed cutter drill bits. The company employs more than 1,000 people and has manufacturing facilities in Carrollton, Texas; Houston, Texas; Matamoros, Mexico and Tarbes, France, as well as sales offices throughout the world. Varel's proprietary design capabilities, efficient manufacturing, and global sales force uniquely positions the company to provide high-quality drill bits that deliver excellent performance and value to its customer base. For more information, visit http://www.varelintl.com/.
About the Inc. 5000 List
The 5000 companies that made the list reported aggregate revenue of $185 billion and median three-year growth of 147 percent. Most important, the 2008 Inc. 5000 companies were engines of job growth, having created more than 826,033 jobs since those companies were founded. Complete results of the Inc. 5000, including company profiles and a list of the fastest-growing companies that can be sorted by industry and region can be found at http://www.inc5000.com/.
Methodology
The 2008 Inc. 5000 list measures revenue growth from 2004 through 2007. To qualify, companies must be U.S.-based and privately held, for profit, independent - not subsidiaries or divisions of other companies - as of December 31, 2007, and have had at least $200,000 in revenue in 2004, and $2 million in 2007.
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