Sigma Electric Acquires Avalon

Sigma Electric Manufacturing, a portfolio company of Argand Partners, has acquired Avalon Precision Casting.

Avalon is a manufacturer of thin wall investment castings products that are used by OEM manufacturers in the aerospace, defense, HVAC, power, agriculture, and oil & gas markets. The company has capabilities in stainless steel, carbon steel, aluminum, bronze, brass and specialty alloys.

Avalon’s services include rapid prototyping, design and build of tooling, heat treating, machining, assembly, non-destructive testing services, and supply chain management. The company, led by CEO David Palivec, is headquartered in Cleveland with two additional facilities in Jackson, WI and Markesan, WI (

Sigma Electric is a designer and manufacturer of small and complex metal components used in the electrical, lighting, home appliances, telecom, industrial and process instrumentation sectors. The company’s die-casting and sand-casting manufacturing technologies produce components with complex shapes and tight tolerances across a range of metals and alloys including aluminum, zinc, copper alloys, iron, and steel. Sigma operates a 180,000 sq. ft. warehouse and distribution center in the Raleigh suburb of Garner, NC  and has twelve manufacturing facilities in India and Mexico (

The buy of Avalon extends Sigma’s North American manufacturing footprint and the combined business will be better able to manage its customers’ global supply chains. “This acquisition combines the excellent investment casting capabilities of Avalon with the global presence and strengths of Sigma,” said Viren Joshi, CEO 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.”

Argand Partners was founded in 2015 by long-time ex-Castle Harlan colleagues Heather Faust, Howard Morgan, and Tariq Osman. Sigma Electric, acquired in October 2016, was the firm’s first portfolio company. Argand makes control investments in industrial manufacturers and service providers that have at least $20 million in EBITDA. The firm has approximately $600 million in assets under management and is headquartered in New York (

(Editor’s note: The Argand lamp, a kind of oil lamp, was invented and patented in 1780 by Aimé Argand. The lamp became popular because its light output was brighter than that of earlier lamps).

© 2019 Private Equity Professional | August 22, 2019

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