Since the 1960s, a Wisconsin-based manufacturer has been a global leader in a highly specialized field: designing and building intricate Pelletron particle accelerator systems for universities and research centers worldwide. As one of only three such manufacturers across the globe, the employee-owned company has built a proud legacy of innovation, supported by a dedicated team of 100.

The Challenge
However, this legacy was put at risk by an unexpected setback. A multimillion-dollar contract with a Chinese university unraveled when the first completed accelerator was denied entry at a U.S. port due to national security concerns. The machine was returned, unsold, and the company was forced to absorb significant costs, leaving a valuable piece of equipment in storage and creating a severe financial bind.

Solution
Despite this costly disruption, the company’s fundamentals remained strong: a decades-long reputation for excellence, proprietary intellectual property, and an impressive $21 million project backlog. What it needed was a financial partner who could look beyond the immediate setback and recognize the enduring value of its business.

Flatbay Capital Senior Vice President, Taylor West, provided that support with a $3 million commercial real estate loan, secured by the company’s industrial property. This financing allowed the business to refinance existing debt and access the capital required to complete its projects.

The partnership restored financial stability, enabling the company to implement its turnaround plan, streamline operations, and move forward with new contracts at major institutions such as Texas A&M University and the University of Glasgow. Ultimately, this was not just an investment in a company, but in a legacy of American innovation and the future of the employee-owners who have built it.