Modern Bank’s Commercial & Industrial lending group has announced that it has provided an incremental first-out term credit facility to support the Modern Bank existing portfolio company Angstrom Technology’s (“Angstrom” or the “Company”) acquisition of Connect 2 Cleanrooms. Modern Bank partnered with The Firmament Group and Axos Bank in a unitranche credit facility to support the add-on. The financing closed in January 2022.
Headquartered in Grand Rapids, Michigan and a portfolio Company of ASGARD Partners & Co, Angstrom is an expert in cleanroom design, manufacturing, installation, and repair. Connect 2 Cleanrooms is a Lancaster, UK based designer and installer of cleanrooms.
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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. Modern Bank has 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.
Modern Bank works with businesses generating EBITDA of $2+ million with defensible market positions, experienced and committed management teams, and consistent free cash flow.