Keystone Capital, Inc. (“Keystone”), a Chicago-based private investment firm, is pleased to announce that its portfolio company Avalon Precision Casting (“Avalon”) has been acquired by Sigma Electric Manufacturing Corporation (“Sigma”). Sigma is a leading global manufacturer of precision machined casting and components headquartered in Garner, North Carolina. Terms of the transaction have not been disclosed.
Avalon is a full-service investment casting platform, supplying ferrous and non-ferrous metals castings products to customers in the aerospace, defense, HVAC, power, agriculture, and oil & gas markets. Avalon represents Keystone’s fifth successful exit of a highly engineered industrial products business, following the prior exits of Polymicro Technologies (2007), Judson Technologies (2008), Atlas Die (2017) and Rocore (2017). “The Keystone and Avalon teams partnered to integrate several businesses and drive operational performance and market expansion,” commented David Greer, Managing Director at Keystone Capital. “We greatly enjoyed partnering closely with management during our tenure together and we believe this is a great next step for Avalon and the team.”
The Avalon platform was created by Keystone’s investments in three precision investment casting businesses: Craft Cast (2008), Avalon Casting (2012) and Precision Metalsmiths (2014). Over the course of Keystone’s investment in Avalon, those businesses were successfully integrated in addition to the completion of several operational improvement and lean manufacturing initiatives.
Avalon and Keystone were represented by Mesirow Financial in the transaction. Legal advice was provided by Honigman Miller Schwartz & Cohn LLP.