Buyout (LBO, MBO, MBI) • Business Services

The Firmament Group, ASGARD Partners & Co. and Angstrom Technology Acquire Angstrom Technology

On November 30, 2020, family office The Firmament Group, private equity firm ASGARD Partners & Co. and Angstrom Technology acquired business services company Angstrom Technology

Acquisition Context
  • This is The Firmament Group’s 3rd, ASGARD Partners & Co.’s 1st and Angstrom Technology’s 1st transaction in the Business Services sector.
  • This is The Firmament Group’s 14th, ASGARD Partners & Co.’s 3rd and Angstrom Technology’s 1st transaction in the United States.
  • This is The Firmament Group’s 1st, ASGARD Partners & Co.’s 1st and Angstrom Technology’s 1st transaction in Michigan.

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M&A Deal Summary

Date November 30, 2020
Target Angstrom Technology
Sector Business Services
Buyer(s) The Firmament Group
ASGARD Partners & Co.
Angstrom Technology
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Charter Capital Partners (Financial)
Dickinson Wright (Legal)

Target Company

Angstrom Technology

Grand Rapids, Michigan, United States
Angstrom Technology is a provider of cleanroom production across the U.S., Canada, and Mexico. Angstrom has provided cleanroom build, design, and maintenance services to companies. Angstrom Technology was founded in 1989 and is based in Grand Rapids, Michigan.
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Buyers Overview 3

DESCRIPTION

The Firmament Group is a family backed investment firm focused on providing equity and debt capital to small and medium-sized companies. Funds are generally used to finance leveraged buyouts, complete recapitalizations or restructurings, provide liquidity for organic growth, or finance add-on acquisitions. The Firmament Group was established in 2012 and is headquartered in New York City.


Deal Context for Buyer #
Overall 14 of 29
Sector: Business Services 3 of 4
Type: Buyout (LBO, MBO, MBI) 3 of 6
State: Michigan 1 of 2
Country: United States 14 of 29
Year: 2020 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-27 Envase

Dover, New Hampshire, United States

Envase provides mission-critical, cloud-based transportation management systems ("TMS") enterprise software and mobile applications to the intermodal transportation industry, with a core focus on the drayage trucking niche. The software merges order entry, dispatch, container tracking, electronic data interchange (EDI), API connectivity, document imaging, invoicing, settlements, and business intelligence, among other functions, into a single, streamlined system providing carrier efficiencies and container visibility over the intermodal supply chain. Envase is based in Dover, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-19 GPS Dental

Jonesboro, Arkansas, United States

GPS Dental is a DSO provider that manages 20 dental practices. GPS offers a variety of management services to its practices, including billing and accounting, patient scheduling assistance, HR functions, marketing, and insurance. GPS Dental was founded in 2015 and is based in Jonesboro, Arkansas.

Buy -
DESCRIPTION

ASGARD Partners & Co. is a private investment firm that looks to partner with management in pursuing investments in profitable companies where it can leverage its operational expertise. Target companies generally possess stable cash flows, offer differentiated products/services, and have multiple avenues for growth. Sectors of interests include business services, defense, government services, healthcare, distribution, and logistics. ASGARD Partners was established in 2017 and is headquartered in New York City.


Deal Context for Buyer #
Overall 3 of 3
Sector: Business Services 1 of 1
Type: Buyout (LBO, MBO, MBI) 2 of 2
State: Michigan 1 of 1
Country: United States 3 of 3
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-21 Wild Things

Virginia Beach, Virginia, United States

Wild Things is a designer and manufacturer of high-end technical outerwear and gear for extreme outdoor conditions, primarily serving the military and law enforcement communities both domestically and internationally. Wild Things was founded in 1981 and is based in Newport, Rhode Island.

Sell -
Buyer

Angstrom Technology

Grand Rapids, Michigan, United States

Category Company
Founded 1989
Sector Business Services
DESCRIPTION

Angstrom Technology is a provider of cleanroom production across the U.S., Canada, and Mexico. Angstrom has provided cleanroom build, design, and maintenance services to companies. Angstrom Technology was founded in 1989 and is based in Grand Rapids, Michigan.


Deal Context for Buyer #
Overall 1 of 4
Sector: Business Services 1 of 2
Type: Buyout (LBO, MBO, MBI) 1 of 1
State: Michigan 1 of 1
Country: United States 1 of 2
Year: 2020 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Built 2 Spec

United States

Built 2 Spec is a regional platform serving commercial and industrial clients through its design and build services for modular cleanrooms, with a strong presence on the West Coast. Built 2 Spec is based in the United States.

Buy -