Gordon Brothers, the global advisory, restructuring and investment firm, completed the purchase of a substantial portion of Armstrong Flooring’s assets.
Gordon Brothers purchased a majority of the flooring products manufacturer’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, OK. Gordon Brothers also acquired the machinery and equipment assets in the Stillwater and Jackson, MI plants for resale through a live auction and series of online sales.
The purchase allowed for continued operation of three Armstrong FIooring facilities in Pennsylvania and one in Illinois under the new ownership of AHF Products, a North American hard surface flooring manufacturer, saving nearly 600 jobs.
“We stepped in during a pivotal moment and developed a holistic, strategic solution to facilitate the manufacturer’s transition to AHF Products saving jobs,” Rob Gould, managing director for commercial and industrial at Gordon Brothers, said. “We provided an opportunity to ensure this legacy brand is in the right hands for growth going forward.”
“While every engagement requires an individualized, custom approach, Armstrong Flooring required a creative, multi-asset solution that included a combination of our offerings to assist the business through a transition period,” Robert Himmel, senior managing director and head of North America commercial and industrial at Gordon Brothers, said. “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.”
“Gordon Brothers helped complete our purchase of Armstrong Flooring and assisted with the transition period, working with our partners to wind down parts of the business that did not fit with our strategic business plans moving forward,” Brian Carson, CEO and president of AHF Products, said. “Their expertise, guidance and acquisition and disposition of certain assets helped make this purchase possible.”
