Sigma Electric Manufacturing Co has announced that Argand Partners, LP, the New York-based private equity fund, had acquired a 100% shareholding in Sigma. Terms of the transaction were not disclosed.

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 CEO, 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 MD 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."

(Continued on the next page)