New York-based private equity fund Argand Partners has acquired 100 percent shareholding in Sigma Electric Manufacturing, which is engaged in electrical fittings and engineering products, for an undisclosed amount.
Argand acquired 100 percent stake in Sigma Electric from Goldman Sachs Private Equity and other shareholders, the company said in a statement issued in Mumbai today. Goldman Sachs Capital Partners had acquired 80 percent in Pune-based Sigma in 2007 for $172 million. Sigma President and CEO Viren Joshi said,
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 through acquisitions, which will enhance our market strengths across globe
He said Argand's manufacturing and industrial market experience in addition to global networks will assist the company as it looks to expand its market presence and geographic footprint.
Sigma, with sales of over Rs 1,000 crore and 3,300 employees, has nine facilities located in Pune and Jaipur and manufactures castings in aluminium, aluminium-bronze, zinc, steel, iron and copper. Commenting on the deal, Argand Partner and Managing Director Tariq Osman said,
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.
Argand acquired Sigma from existing shareholder Goldman Sachs Private Equity and other shareholders, said the company statement.