Edited excerpts from the Press Release
Multiples Private Equity has made an investment in Sara Sae Pvt. Ltd. (earlier know as NOV Sara), a Dehradun-based manufacturer of drilling equipment. The financing will be used for the buyout of the 76% held in the company by National Oilwell Varco (NOV) in the company and to fund its growth plans. Sara Sae will enter the oil field equipment services business and also expand into other high potential product lines. Avendus Capital was the financial advisor to Sara Sae and its promoters.
Founded by its Chairman V.K.Dhawan in 1980, Sara Sae manufactures hi-tech drilling equipment and jack-up rigs like BPO Acculators, hydraulic tongs, hammer unions and swivel joints. The company has manufacturing facilities at Dehradun and Faridabad and a sales cum warehouse setup in Houston, USA. Exports account for more than 85% of the turnover of the company. In August 2007, National Oilwell Varco, which is a global drilling equipment company, acquired ...