Sigma Electric Manufacturing Corporation, a portfolio company of Argand Partners, has acquired Cleveland, Ohio-based Avalon Precision Casting, a maker of complex thin wall investment castings products for the aerospace, defense, HVAC, power, agriculture and oil and gas markets. No financial terms were disclosed.
Argand Partners, the New York- and San Francisco Bay Area-based middle market buyout firm, today announced that Sigma Electric Manufacturing Corp. (“Sigma”) has acquired the U.S. based Avalon Precision Casting (“Avalon”), a manufacturer of complex thin wall investment castings products for blue-chip customers in the aerospace, defense, HVAC, power, agriculture, and oil & gas end markets. Headquartered in Cleveland, OH, with additional plants in Wisconsin, Avalon further strengthens Sigma’s North American manufacturing footprint.
The combination of Avalon’s investment castings capabilities and Sigma’s global, market-leading casting and precision machining capabilities brings significant product sourcing, supply chain management, and scale opportunities to each company’s customer base. The combined business is well placed to be a valuable strategic partner as customers increasingly look to manage and streamline complex global supply chains and work with world-class casting suppliers with comprehensive product offerings across metal types and process capabilities.
Viren Joshi, Chief Executive Officer and President, Sigma, said, “We are excited about the addition of the Avalon facilities, and warmly welcome Avalon as a part of the Sigma team. This acquisition combines the excellent investment casting capabilities of Avalon with the global presence and strengths of Sigma. The combination of both companies will add value for our combined customer base, as together we create a more comprehensive product and service offering leveraging the strengths of both companies.”
David Palivec, President & CEO, Avalon, said, “We are proud of Avalon’s long history as a valued supply partner for our investment casting customers. Our new partnership with Sigma will enhance our capabilities to help us better serve our markets and expand our product offering. We look forward to our next phase of growth as a part of Sigma’s global platform.”
About Sigma Electric Manufacturing Corporation:
Headquartered in Garner, North Carolina, Sigma Electric Manufacturing Corporation, a portfolio company of Argand Partners, is a global leading manufacturer of precision machined castings and components. Sigma has twelve world class manufacturing facilities in India & Mexico and a Global Supply Chain delivery center in Garner, NC. Sigma supplies MNCs across the world in the electrical, lighting, home appliances, telecom, industrial and process instrumentation markets. Sigma offers customers a wide range of services including engineering and design, secondary finishing, assembly, packaging and global supply chain management.
Sigma’s engineering expertise, lean manufacturing practices, innovative products, and superior customer service makes it the preferred partner of choice for many of the world’s leading brands.
About Avalon Precision Casting Company:
Headquartered in Cleveland, Ohio, Avalon Precision Casting Company is a full-service turnkey casting platform, a one stop shop solutions and value add components manufacturer. Avalon has four fully equipped facilities in Ohio and Wisconsin for the manufacture of precision thin walled investment castings.
These castings are supplied to leading US customers in the aerospace, defense, HVAC, power, agriculture, oil & gas end markets. The company has certifications including AS 9100D, ITAR, PED, ANAB, ISO and Nadcap. Avalon has differentiated itself in the marketplace due to its people, processes, capabilities and expertise.
About Argand Partners:
Argand is a New York- and San Francisco Bay Area-based middle market buyout firm founded in 2015 by long-time colleagues, Heather Faust, Howard D. Morgan, and Tariq Osman. Argand is a growth-oriented, control investor focused on complex, often contrarian, situations that involve solid, market-leading industrial and industrial-oriented consumer and energy businesses, often with significant global operations and expansion opportunities. Argand’s portfolio includes Sigma Electric Manufacturing Corp., Brintons Carpets Ltd., Oase Living Water GmbH, and Concrete Pumping Holdings, Inc. Argand has approximately $600 million in assets under management.
The Argand team has a disciplined approach of investing in businesses that have the potential for transformational value creation through the implementation of managerial, operating, and strategic initiatives. Argand focuses on investments into manufacturers and service providers, where the team has deep sector experience and can leverage its senior executive advisory network to drive the rapid execution of an investment thesis.
Further information on Argand can be found on the website: www.argandequity.com