Firmament backs Angstrom

The Firmament Group has made an investment in Angstrom Technology, a builder of modular cleanrooms.

The Firmament Group has made an investment in Angstrom Technology, a builder of modular cleanrooms. No financial terms were disclosed. Firmament made the investment in partnership with ASGARD Partners & Co LLC, which will acquire a controlling interest in Angstrom.

PRESS RELEASE

NEW YORK, Dec. 1, 2020 /PRNewswire/ — The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today an investment in Angstrom Technology (“Angstrom” or the “Company”). 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.

As a provider of bespoke capital solutions, Firmament made a debt investment in the Company in partnership with ASGARD Partners & Co., LLC (“ASGARD”), a New York-based private equity firm, which will acquire a controlling interest in Angstrom. Modern Bank, a provider of cash flow based senior debt to companies across the lower and middle markets, also supported the transaction.

“We are excited to partner with Angstrom’s management team and to have the support of Firmament as we look towards the Company’s next stage of growth. Firmament’s flexible approach, speed of execution, and experience with scaling businesses like Angstrom are a great fit for us,” said Karan Rai, Managing Partner at ASGARD.

Tedmond Wong, Principal at Firmament, added, “There is tremendous growth opportunity for Angstrom given the increasingly rigorous demands on manufacturing and operating environments, and we are delighted to partner with ASGARD on the next chapter of the Company.”

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. For more information, please visit www.angstromtechnology.com.

About Modern Bank
Modern Bank provides cash flow based senior debt and unitranche financing to private equity, independent sponsor and entrepreneur backed companies across the lower and middle markets. They have a strong track record of delivering tailored solutions to support buyouts/acquisitions, recapitalizations, refinancing and growth capital to companies across a diverse set of sectors including manufacturing, distribution, business services, logistics, and healthcare services. Modern Bank, N.A. is an FDIC insured Bank and an Equal Housing Lender.

About The Firmament Group
The Firmament Group (www.thefirmamentgroup.com) provides tailored debt and equity capital solutions to small- and medium-sized enterprises. Firmament is a value-added partner to entrepreneurs, management teams and business owners and curates solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. With offices across the United States and in the United Kingdom, Firmament is focused on turning small business into big business.