Gordon Brothers, a global advisory, restructuring and investment firm, has bought Armstrong Flooring Inc., a flooring products manufacturer.
The deal allows for the continued operation of three Armstrong Flooring facilities in Pennsylvania and one in Illinois under the new ownership of AHF Products, a North American hard surface flooring manufacturer. Gordon Brothers purchased a majority of Armstrong Flooring’s existing inventory and partnered with Vion Investments to purchase the accounts receivable to effect the wind-down of the business and operations that did not move forward. The firm acquired Armstrong Flooring’s real estate in Stillwater, Okla. Gordon Brothers also acquired the machinery and equipment assets in the Stillwater and Jackson, Miss. plants for resale.
“…Armstrong Flooring required a creative, multi-asset solution that included a combination of our offerings to assist the business through a transition period,” comments Robert Himmel, senior managing director, head of North America commercial & industrial at Gordon Brothers. “Our global expertise and integrated service offering enables us to step into difficult situations requiring rapid decision making and a deep understanding of our client’s business.”