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Keystone Capital Inc. is selling its portfolio company, Avalon Precision Casting, to Garner, North Carolina-based Sigma Electric Manufacturing Corp., a portfolio company of Argand Partners.

Cleveland-based Avalon is a full-service investment casting platform, supplying ferrous and non-ferrous metal castings to customers in the aerospace, defense, HVAC, power, agriculture, and oil & gas markets.

The combination of Avalon's investment castings capabilities and Sigma's global casting and precision machining capabilities is expected to bring significant product sourcing, supply chain management and scale opportunities to each company's customer base.

Mesirow Financial acted as Chicago-based Keystone’s exclusive financial adviser on the transaction.

"We are pleased to complete this transaction with Sigma and to have the opportunity to work with Mesirow Financial,” Keystone Capital Managing Director David Greer said in a statement. “Mesirow's team prepared and guided our management team, provided great counsel throughout the process and delivered a successful outcome. We would welcome the opportunity to work with them again."