November 3, 2022 | Bill Esler
Boston, MA—Gordon Brothers, a restructuring and investment firm, acquired a substantial portion of Armstrong Flooring Inc.’s non-wood flooring assets, including existing inventory and, in partnership with Vion Investments, its receivables. AHF [Armstrong Hardwood Flooring] continues to operate as a separate business but was affected by the transaction in the disposition of the assets.
Gordon Brothers’ moves represent the wind-down of the luxury vinyl and tile business and operations that will not move forward. Gordon acquired Armstrong Flooring’s real estate in Stillwater, OK and the machinery and equipment assets in the Stillwater and Jackson, MS plants, for resale through a live auction and series of online sales earlier this month.
The purchase allowed for continued operation of three Armstrong FIooring facilities in Pennsylvania and one in Illinois under the ownership of AHF Products. AHF Products originated as a spinoff of Armstrong Industries wood flooring business, which was sold in a $100 million deal in December 2018. That deal, which closed in January 2019, left the luxury vinyl tile and other non-wood flooring business with Armstrong.
“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,” says Brian Carson, CEO and president of AHF Products.
Formerly in the portfolio of American Industrial Partners (AIP), and acquired by Paceline Equity Partners last year, AHF Products manufactures solid and engineered hardwood flooring products under the brands Bruce, Hartco, LM Flooring, Robbins, Capella, HomerWood, Autograph, and tmbr. American Industrial Partners is the same entity that in 2018 acquired Armstrong’s cabinet businesses, selling them to Platinum Equity partners in April 2021.
“We stepped in during a pivotal moment and developed a holistic, strategic solution to facilitate the manufacturer’s transition to [the corporate entity] AHF Products, LLC, saving jobs,” says Rob Gould, managing director at Gordon Brothers. “We provided an opportunity to ensure this legacy brand is in the right hands for growth going forward.”
For more information on the sale of Armstrong Flooring’s assets, visit Gordon Brothers’ website: https://assets.gordonbrothers.com/assets-for-sale/assets/a/armstrong-assets
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