Charter Capital Partners, a Grand Rapids, Michigan-based investment bank, today announced that its client, Angstrom Technology, an industry leader in modular cleanroom production, has been acquired by ASGARD Partners & Co., a New York-based private equity firm. While ASGARD has acquired a controlling interest in the company, current management will remain a significant minority investor as Angstrom enters its next phase of growth. Charter Capital Partners principals served as the exclusive M&A advisor to Angstrom Technology.
Founded in 1989, and headquartered in Grand Rapids, Michigan, Angstrom Technology delivers fully customizable modular cleanrooms to more than 300 customers worldwide in 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. The existing Angstrom management team will continue to lead the company following the transaction.
"We look 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."
"We are thrilled to partner with a group we trust to uphold our values and shares our vision for the future," added Matt Purvis, Vice President of Operations at Angstrom. "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."
"The Angstrom management team has put their heart and soul into the company, so it was important that we find a partner that had that same level of passion," stated Mark Streekstra, Director at Charter Capital Partners. "ASGARD was absolutely the best match to help Angstrom further accelerate its growth."
"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," added Karan Rai, Managing Partner at ASGARD Partners. "The company's reputation for quality and customer service is a testament to its culture of excellence."
The transaction was executed by Charter Capital Partners team members Mike Brown, Partner and Managing Director; Mark Streekstra, Director; Zach Wiersma, Associate; and Justin Pinto, Associate.
"We can't thank the Charter team enough," stated Isard. "Their guidance throughout the entire process was invaluable, and their level of professionalism is second to none."
Dickinson Wright served as legal advisor to Angstrom and McGuireWoods served as legal advisor to ASGARD Partners.
The transaction was performed by principals of Charter acting in their capacity as registered representatives of M&A Securities Group, Inc., Member FINRA/SiPC, a separate entity from Charter Capital Partners.
About Charter Capital Partners
In operation since 1989, Charter Capital Partners is a premier investment banking firm headquartered in Grand Rapids, Michigan. Charter offers a comprehensive range of investment banking and private capital investing advisory services, including buy-side and sell-side M&A, succession planning, business valuation and capital raise. Charter Private Capital Management is a Registered Investment Adviser (RIA), professionally managing numerous private capital funds, including Charter Growth Capital Fund, Michigan Accelerator Fund I, MAF Opportunity Fund, and multiple Special Purpose Entities. To learn more, visit chartercapitalpartners.com.
About Angstrom Technology
Headquartered in Grand Rapids, Michigan, Angstrom Technology is a market leader in cleanroom production across the U.S., Canada, and Mexico. Since 1989, Angstrom has provided cleanroom build, design, and maintenance services to some of the most respected companies in the world. Angstrom's passion is to provide its customers with the most effective and efficient designs, superior quality, and outstanding service. To learn more, visit angstromtechnology.com.
About ASGARD Partners & Co.
ASGARD Partners & Co. is a private equity firm focused on investing in leading manufacturing, distribution, and services businesses in partnership with proven management teams. ASGARD seeks investment opportunities in businesses with defensible value propositions and strong growth prospects that can also benefit from the support of its investing and operating experience, access to capital, and strategic guidance. Sectors of particular focus include defense, government services, aerospace, industrial or business services, and specialty manufacturing. To learn more, visit asgardpartners.com.
