Gordon Brothers completes Armstrong Flooring purchase
November 1, 2022 | 2:02 pm CDT
Armstrong Flooring

Gordon Brothers, the global advisory, restructuring and investment firm, has completed the purchase of a substantial portion of Armstrong Flooring Inc.’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, Oklahoma. Gordon Brothers also acquired the machinery and equipment assets in the Stillwater and Jackson, Mississippi plants for resale through a live auction and series of online sales.

The purchase allowed for continued operation of three Armstrong Flooring facilities in Pennsylvania and one in Illinois under the new ownership of AHF Products, a leading 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,” said Rob Gould, Managing Director, Commercial & Industrial at Gordon Brothers. “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,” said 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.”

“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,” said Brian Carson, CEO and President of AHF Products. “Their expertise, guidance, and acquisition and disposition of certain assets helped make this purchase possible.”

 

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Larry Adams | Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).