ASGARD Partners & Co, a New York-based private equity firm, has announced that its portfolio company, Angstrom Technology, an industry leader in modular cleanroom design and production, has signed an agreement to acquire Lancaster, UK based Connect 2 Cleanrooms Limited (C2C).
This new deal creates a partnership of two leading cleanroom companies with a presence on both sides of the Atlantic. Terms of the transaction were not disclosed, but the new group, with enhanced expertise and capability, will be in an improved position to service a growing multinational client base.
After being acquired by Asgard at the end of 2020, modular cleanroom provider Angstrom Technology has now started making acquisitions across the sector. Notably, Built 2 Spec in October 2021.
The two entities
Established in 2002, C2C operates internationally from its head office in Lancaster, with additional offices in London and Geldermalsen in the Netherlands. C2C is a modular cleanroom platform serving Healthcare, Pharma, and Industrial clients with its range of cleanroom solutions. C2C provides a vertically integrated comprehensive suite of offerings including, engineering services, design & build services, cleanroom training services, and testing & validation services.
After being acquired by Asgard at the end of 2020, Angstrom Technology acquired Built 2 Spec in October 2021
Additionally, C2C also offers an e-commerce platform for cleanroom consumables and supplies via www.cleanroomshop.com.
Founded in 1989, and headquartered in Grand Rapids, MI, Angstrom designs, builds, and services fully customisable modular cleanrooms for regulated industries and adjacent markets, including aerospace, defence, technology, semiconductors, pharmaceutical, automotive, healthcare, and industrial end markets. The company completes fully customisable and turnkey 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.
The C2C management team will remain in place to continue driving growth as part of the wider group.
Joe Govier, Founder, and CEO of C2C said: "This transaction and combination of businesses will enable Angstrom and C2C to fulfil a joint vision to create a truly global controlled environment solutions platform, and we are excited for the future of the group and teams within.
"It was important for us to join forces with a company that holds the same values, integrity, and vision for our business and employees," Govier added. "We are confident that this transaction will enable Angstrom and C2C to build upon the strong technical foundation that exists today and fulfill a joint mission of creating a global controlled environment solutions platform, and we are excited for the future of the group and teams within."
Going forward
Karan Rai, Managing Partner at ASGARD: "The C2C acquisition adds a strong European presence to the already robust North American presence for Angstrom. The acquisition also gives Angstrom a deeper penetration into some of the fastest-growing end markets such as Pharma, Biotech, and Cell & Gene Therapy. This transaction is just the beginning of a long-term growth strategy focused on consolidating the modular cleanroom and controlled environment industry. We think the two companies are a great strategic and cultural fit and are excited to welcome the highly talented C2C team into the Angstrom family.
Matt Isard, CEO of Angstrom, added: "This acquisition will accelerate our international expansion and bring our existing and future customers a much higher degree of expertise and service from a larger and more capable platform. We are focused on building the most competent and customer-focused company in the industry and this is an important step in that direction. I am excited to welcome Joe Govier and the rest of the C2C talent to Angstrom and look forward to integrating the best practices from C2C into Angstrom and vice versa."
