In November, Arcapita acquired German door frame manufacturer Profine from Advent International and the Carlyle Group, a US private equity group.
Varel International manufactures drill bits for the oil, gas and mining industries and has operations in 22 countries.
The company was bought from US private equity firm KRG Capital Partners.
Varel is devising new products and has 38 patents, including those registered and pending, and is expanding its manufacturing capacity.