January 4, 2021
Argand Partners’ Sigma Electric Announces Executive Leadership Changes
President & Chief Executive Officer, Viren Joshi, will retire following 8 years of dedicated service and outstanding leadership
Vagner Finelli will become Sigma’s new President & Chief Executive Officer
NEW YORK, Jan. 4, 2021 – Argand Partners, LP (“Argand”), the New York- and San Francisco Bay Area-based private equity firm, today announced that its portfolio company Sigma Electric Manufacturing Corp. (“Sigma”), the leading global manufacturer of precision engineered metal components, has announced executive leadership changes effective January 18th, 2021.
President & Chief Executive Officer, Viren Joshi, will retire following 8 years of dedicated service and outstanding leadership, and Vagner Finelli will become Sigma’s new President & Chief Executive Officer.
As President and CEO, Viren Joshi oversaw the transformation of Sigma into a global market-leader. During his tenure, Sigma’s sales have nearly tripled, the company’s design and manufacturing capabilities have expanded to include machined components and metal stampings, and its manufacturing footprint has expanded from 8 facilities in India to 17 facilities across India, Mexico, and the United States. The company’s focus on world class manufacturing plants, lean processes, Industry 4.0, and superior customer service makes it ‘easy to do business with’ and has resulted in a wide range of new global customers and multiple awards from customers and industry associations.
Viren will remain actively involved with Sigma and will transition to a new role as Executive Vice Chairman of the Board of Directors. In this capacity, Viren will continue to serve as a board member and strategic advisor as Sigma prepares for its next exciting chapter of growth.
Vagner Finelli assumes the role of President and CEO effective January 18th, 2021 and will be based at Sigma’s headquarters in Garner, North Carolina. Vagner joins Sigma after a long career managing diversified industrials businesses globally. Most recently Vagner served with Precision Castparts Corporation (“PCC”) as President of Engineered Products and the Wyman Gordon Rings Group. Prior to PCC, Vagner served in several senior leadership roles at Lear, including Vice President and Managing Director of South America and Vice President of the Metals Business Group in Europe. He also served as a senior executive at Textron and Unilever. He holds degrees in Mechanical Engineering from the University of Sao Paulo and an MBA from Michigan State University.
Tariq Osman, Partner and Co-Founder of Argand, said “Viren has been an exceptional partner, and together we have transformed Sigma into a true global champion. Today, Sigma is a global growth platform driven by a clear vision, diverse multinational culture, and pioneering use of world-class industrial technology. We look forward to working with Vagner to pursue Sigma’s next stage of growth and consolidate Sigma’s market-leading position.”
About Argand Partners
Argand is a New York and San Francisco Bay Area-based middle-market private equity firm that targets market-leading industrial companies with under-resourced and unrealized global growth potential. Argand companies have strong market share, sustainable competitive advantages, defensive characteristics, and significant growth potential supported by secular demand trends. The firm focuses on specialty manufacturing and business services companies with a strong U.S. nexus (headquarters, primary growth market, or majority of revenue) and often significant global operations or expansion opportunities.
Argand is a growth-oriented control investor that seeks complex, often contrarian, situations in order to buy well. The team employs a hands-on approach to partnering with management to create value across the investment lifecycle and help portfolio companies achieve their full potential as world-class, industry-leading companies.
Further information on Argand can be found on the website: www.argandequity.com
About Sigma Electric
Headquartered in Garner, North Carolina, Sigma Electric is the leading global manufacturer of precision engineered metal components for end markets benefiting from increased electrification and connectivity. Sigma has seventeen world class manufacturing and supply chain facilities across the United States, India and Mexico. Sigma supplies and services multinational corporations across the world in the electrical, power transmission & distribution, aerospace and defense, instrumentation, consumer electronics, appliances, and general industrial markets. Sigma’s comprehensive offering serves the needs of its customers across the value chain and includes engineering and design, casting (die, sand & investment), metal stamping, precision machining, secondary finishing, assembly, packaging and global supply chain management. Sigma’s technology-driven engineering expertise, lean manufacturing practices, innovative product development, and superior customer service makes it ‘easy to do business with’ and the preferred partner of choice for the world’s leading original equipment manufacturers.
Further information on Sigma can be found on the website: www.sigmaelectric.com
For more information about Argand or Sigma Electric, please contact:
Partner & Co-Founder