May 2006
A Rochester, New York-based marketing firm will be able to expand and add jobs in upstate New York thanks to an investment by the New York State Common Retirement Fund through DeltaPoint Capital Management, LLC, also based in Rochester, State Comptroller Alan G. Hevesi announced today.
The State Pension Fund has invested $2.8 million in Sigma Marketing Group through DeltaPoint Capital as part of the Fund's In-State Private Equity Investment Program. That commitment helped leverage additional capital for a total investment of $5.5 million, giving DeltaPoint Capital a controlling interest in the company. The company, which currently employs 75 people, expects to add about 45 jobs over the next two years as a result of this investment.
"The rapid growth within the marketing services industry demands that companies such as Sigma Marketing Group remain current with improving technology and competitive pricing in order to provide more comprehensive and effective service. This investment allows us to expand our role as a leader in defining current and future industry trends," said Jim Byrnes, CEO of Sigma Marketing Group.
"The opportunity to invest in Sigma Marketing Group helps to further DeltaPoint's core strategy, along with the State Retirement Fund, of investing in New York State's best companies to help them achieve their long-term growth objectives. Sigma Marketing has a great management team and I am confident that together we will expand the business," said David Waterman, managing director of DeltaPoint Capital Management.