Partnership with ASGARD Expected to Increase Operational Capabilities and Accelerate Growth Strategy

ASGARD Partners & Co., LLC (“ASGARD”), a New York-based private equity firm, today announced an agreement to acquire a controlling interest in Angstrom Technology (“Angstrom” or the “Company”), an industry leader in modular cleanroom production.  As part of the transaction, management will remain a significant minority investor as Angstrom enters its next phase of growth.

Founded in 1989, and headquartered in Grand Rapids, MI, Angstrom designs, builds, and services fully customizable modular cleanrooms for the aerospace, defense, technology, pharmaceutical, automotive, healthcare, and industrial end markets.  The Company completes turnkey and built-to-spec projects that give customers a high level of control over airborne and surface particulates to manufacture, test, and assemble products in a safe and clean environment.  This enhanced operating environment enables companies to manufacture products accurately, prevent the risk of product malfunction or failure, and guarantee customer satisfaction.

ASGARD’s investment in Angstrom provides the opportunity to partner with a strong management team in the highly attractive cleanroom and controlled environment industry, which is benefiting from strong secular tailwinds driven by advances in manufacturing and the accelerated use of electronics and sensors throughout the manufacturing process.  An ever-widening array of companies are adding cleanroom solutions to meet stringent regulatory and manufacturing requirements and to remain competitive.  The accelerating rate of change across the manufacturing and information technology landscape creates significant opportunities for Angstrom. 

Karan Rai, Managing Partner at ASGARD Partners & Co., said, “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.  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.”

The existing Angstrom management team will continue to lead the Company following the transaction.  Matt Isard, President of Angstrom, said, “We are looking forward to partnering with ASGARD as we embark on an exciting new chapter of our story. 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, commented, “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.”

Terms of the transaction were not disclosed.  Charter Capital Partners served as financial advisor and Dickinson Wright PLLC served as legal advisor to Angstrom.  McGuireWoods LLP served as legal advisor to ASGARD.  The Firmament Group and Modern Bank provided debt financing to support the transaction.

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