US-based private equity firm Delos Capital has acquired Delhi-based specialty metal products maker Sage Metals Ltd.
Delos acquired Sage from its founders Vinod Kumar Agarwal and Shree Prakash Agarwal, the PE firm said in a statement.
The value of the deal is not disclosed.
Delos said it raised funds for the acquisition from Olympus Capital Asia Credit, the lending arm of PE firm Olympus Capital Asia, and Hong Kong-based investment firm SSG Capital Management.
Michael Rakiter, partner at Delos Capital, said the partnership will strengthen Sage’s presence in North America and accelerate the business.
“The promoters have built a strong organisation which provides an excellent launching pad for taking the company to greater heights. Delos, along with their operating partners, have all the elements required to make this happen,” said R Krishnan, chief executive officer of Sage Metals.
Incorporated in 1983, Sage Metals is a manufacturer of specialty metal products serving the North American electrical, power utility, industrial and drainage-end markets.
It has facilities for hot and cold chamber die castings of aluminium and zinc alloy, sand castings of copper alloys and iron, investment cast parts of copper alloy and stainless steel and stamping of CRC pipes and sheets, according to its website. It also exports to Latin America, France, Germany, Italy, the UK, the Middle-East, Philippines and Australia.
Founded in 2013, New York-based Delos Capital invests in lower-middle market companies.