A New York capital investment firm acquired the majority stake in a cleanroom production company in the Grand Rapids area.
New York-based ASGARD Partners & Co. said Monday that it signed an agreement to acquire a controlling interest in Walker-based Angstrom Technology. As part of the transaction, Angstrom management will remain a significant minority investor as Angstrom enters its next phase of growth.
Terms of the deal were not disclosed.
The existing Angstrom management team will continue to lead the company following the acquisition.
“We are looking forward to partnering with ASGARD as we embark on an exciting new chapter of our story,” said Matt Isard, president of Angstrom. “This investment will help Angstrom continue to deliver innovative cleanroom solutions, further build out our partner ecosystem and explore strategic acquisitions to accelerate our growth.”
Matt Purvis, vice president of operations at Angstrom, added: “We are thrilled to partner with a group we trust to uphold our values and shares our vision for the future. The entire Angstrom team is looking forward to our partnership with ASGARD and the opportunity to invest in continued growth and expanded capabilities to support our customers, suppliers and employees.”
ASGARD said its investment in Angstrom allows the investment firm to partner with a leader in the cleanroom and controlled environment industry, which is benefiting from tailwinds due to advances in manufacturing and the accelerated use of electronics and sensors throughout the manufacturing process. An increasing number of companies are adding cleanroom solutions to meet regulatory and manufacturing requirements and to remain competitive. ASGARD said the quick rate of change across the manufacturing and information technology landscape creates “significant opportunities” for Angstrom.
“We are excited to partner with Angstrom’s management team, which has an outstanding track record of delivering high-quality cleanroom solutions to its customers,” said Karan Rai, managing partner at ASGARD Partners. “The company’s reputation for quality and customer service is a testament to its culture of excellence. We look forward to helping accelerate the growth of Angstrom’s brand and service offering across North America and beyond.”
Robert Beall, partner at ASGARD, added: “We are impressed by the business that Matt and team have built over the years and are excited to invest in them for the company’s next stage of growth. We believe Angstrom is well positioned to continue expanding its services for customers. The company’s world-class expertise can help businesses transform their operating environments and drive meaningful ROI. We are eager to begin this partnership.”
Grand Rapids-based Charter Capital Partners team members Mike Brown, partner and managing director; Mark Streekstra, director; Zach Wiersma, associate; and Justin Pinto, associate, served as financial advisers to Angstrom on the transaction. Dickinson Wright served as Angstrom’s legal adviser.
Richmond, Virginia-based McGuireWoods served as legal adviser to ASGARD.
New York-based The Firmament Group and Modern Bank provided debt financing to support the transaction.
Founded in 1989, Angstrom designs, builds and services fully customizable modular cleanrooms for the aerospace, defense, technology, pharmaceutical, automotive, health care and industrial markets in the U.S., Canada and Mexico.
The company completes turnkey and built-to-spec projects that give customers more control over airborne and surface particulates to manufacture, test and assemble products in a safe and clean environment.
ASGARD Partners & Co.
Founded in 2017, ASGARD Partners & Co. is a private equity firm focused on investing in manufacturing, distribution and services businesses in partnership with management teams.
Sectors of particular focus include defense, government services, aerospace, industrial or business services, and specialty manufacturing.