Modern Bank’s Commercial & Industrial lending division has announced that it has provided revolver and term credit facilities to finance ASGARD Partner’s acquisition of Angstrom Technology (“Angstrom” or the “Company”), an industry leader in modular cleanroom production. The Firmament Group, a provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), also supported the transaction.
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.
Curt Lueker, Chief Lending Officer and Head of Commercial Markets at Modern Bank, said, “The Company is well positioned for continued innovation and growth driven by technical advancements in smart manufacturing and rising regulation related to product quality, emphasizing the use of cleanrooms to optimize efficiency, quality, and cost savings. We are excited to partner with ASGARD, management and the Firmament Group to facilitate the next phase of growth for the Company.”