Delos Capital has acquired Delhi, India-based Sage, a maker of specialty metal products. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–Delos Capital (“Delos”), a private equity firm based in New York, announced the acquisition of Sage Metals Limited (“Sage” or the “Company”).
Sage is a leading manufacturer of specialty metal products serving the North American electrical, power utility, industrial, and drainage end markets. The Company was founded over 30 years ago and is based in Delhi, India.
Delos acquired Sage from its founders, Vinod K. Agarwal and S.P. Agarwal, and partnered with one of the owners, R. Krishnan, and a new U.S. based management team in the transaction. Delos raised acquisition financing from Olympus Capital Asia Credit and SSG Capital Management.
“Delos is excited to partner with the Sage management team for the next stage of the Company’s growth”, said Michael Rakiter, Partner at Delos Capital. “Sage has a long history as a best-in-class provider of custom metal fabrication solutions to leading original equipment manufacturers. We believe this partnership will strengthen the Company’s presence in North America and accelerate the business toward significant growth.”
R. Krishnan, owner and new CEO of Sage, said “We are embarking upon a new and exciting phase in the Company’s journey. Over the years the promoters have built a strong organization which provides an excellent launching pad for taking the Company to greater heights. Delos, along with their operating partners, have all the elements required to make this happen in the most efficient way.”
About Delos Capital
Delos Capital, founded in 2013, is a lower middle market private equity firm specializing in management buyouts, recapitalizations, and growth investments.