Sigma Announces Acquisition by Argand Partners
Sigma is a great example of the ‘Make In India’ initiative
13th October 2016 : Sigma Electric Manufacturing Co (“Sigma”) today announced that Argand Partners, LP (“Argand”), the New York-based private equity fund, had acquired a 100% shareholding in Sigma. Terms of the transaction were not disclosed.
Sigma is a global leader in machined cast metal parts & assemblies. Global market segments covered include commercial electrical, retail electrical, appliances, diversified industrials, power tools, instrumentation and telecommunications. Leading multi-national corporation customers include Emerson-Appleton, Eaton-Cooper, Legrand, Hubbell, S&C, Whirlpool, Stanley Black Decker, Siemens, ABB, Lowes and Electrolux.
Sigma has nine world class manufacturing facilities located in Pune and Jaipur, India. The company has world-class tool room, engineering and machine building facilities. Sigma continues to modernize its facilities through the addition of an increasing number of automation and robotic equipment. Sigma global headquarters, technical center and 180,000 sq.ft distribution center are located at Garner, near Raleigh, North Carolina, USA to cater to the large North American customer base. Sigma produces castings in aluminum, aluminum-bronze, zinc, steel, iron, and copper.
Sigma is a highly successful and profitable company with sales over $150M (approximately INR 1000 crores) and 3,300 employees, including 1,500 engineers. The company is a leader in Lean manufacturing, EHS practices and green environmental initiatives. Sigma has won several awards for manufacturing excellence, innovation, supply chain and people practices.
Sigma is very proud to be a great example of the ‘Make in India’ initiative. Sigma has a proud history of investing in its Indian operations, fostering engineering innovation, protecting the intellectual property of its customers, and building best-in-class manufacturing infrastructure. Argand acquired its 100% stake in Sigma from existing shareholder Goldman Sachs Private Equity and other shareholders. Argand plans to work closely with the Sigma management team to support the company through the next phase of its growth. Sigma and Argand will actively pursue an aggressive growth strategy, both organic as well as via acquisitions, which will enhance Sigma’s market strengths across the globe.
Viren Joshi, Sigma’s President and Chief Executive Officer, said, “We are delighted to partner with Argand in this next stage of our Company’s growth. Argand brings a significant level of manufacturing and industrial market experience in addition to global networks, which will assist us as we look to expand our market presence and geographic footprint. This partnership will contribute to continuing and further growing Sigma’s global market leadership.”
Tariq Osman, Partner and Managing Director at Argand, added, “We believe Sigma offers customers a unique value proposition and has a truly differentiated position as a global supplier in the precision metal components marketplace. We see exciting potential for further expansion into new markets and geographies. We are looking forward to working with Viren Joshi and his highly experienced management team to build on the success already achieved at Sigma.”
