Goldman Sachs Purchases $172-Million Majority Stake in Sigma Electric
From Staff Reports
Global investment banking firm, Goldman Sachs Group Inc. (GS), will purchase a $172-million majority stake in Sigma Electric, a low-cost maker of metal parts with manufacturing facilities in India.
The Goldman Sachs’ investment will accelerate Sigma’s plans for global growth as an Indian manufacturer of metal castings and components, a joint news release said.
Sigma founder and chairman, Sajjan Agarwal, will remain a significant shareholder and will focus on corporate strategy and key customer relationships, the Economic Times reports.
"We are pleased to be working with Goldman Sachs as we enter a new growth phase for our company," Agarwal said.
Sigma fabricates more than 1,500 products and partners with customers from design to delivery of its orders. Based in North Carolina, Sigma serves the electrical, utility, durable goods and transportation markets in North America, Europe and Asia.
Sigma also has manufacturing facilities in Indian cities Pune and Jaipur.
If the news and price tag sounds familiar, it’s because Sigma pondered a buyout from private equity firm Newbridge for $150 million last November.
News and Related Story Links:
- Economic Times, India:
Goldman Sachs to invest $172 million in Sigma Electric. - Economic Times, India:
Newbridge may acquire Sigma Electric for $150 million. - Money Morning News:
Blackstone Says Credit Crunch Won’t Halt India Deals.
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