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Boston, Oct. 26, 2022 (GLOBE NEWSWIRE) -- 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 FIooring 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.”
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
Gordon Brothers leverages decades of experience buying, selling, operating and valuing assets in the industrial economy across Australia, Brazil, Canada, the U.K. and Europe, Japan and the U.S.
About Gordon Brothers
Since 1903, Gordon Brothers ( www.gordonbrothers.com ) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.
About AHF Investments
AHF Products is a leading hard surface flooring manufacturer in the USA with a family of trusted brands serving the residential and commercial hardwood and vinyl flooring markets. With decades of experience in award-winning wood flooring design, product development, manufacturing, and service, the company creates quality flooring to last for generations through inspiring designs, product innovation and a deep commitment to outstanding customer service. AHF Products’ residential flooring brands include Bruce®, Hartco®, Robbins®, LM Flooring ®, Capella®, HomerWood®, Hearthwood®, Raintree®, Autograph™, Emily Morrow Home™ and tmbr®. The company’s commercial brands include Bruce Contract™, Hartco Contract™, AHF Contract™ and Parterre®. Headquartered in Mountville, Pennsylvania, with manufacturing operations across the United States and in Cambodia, AHF Products employs over 2,000 dedicated team members.
About Vion Investments
Vion Investments, www.vioninv.com, headquartered in Atlanta, is a global provider of receivable investment services to businesses managing consumer and commercial receivables. VION provides a single, comprehensive source of expertise in receivable purchasing, consulting, and valuation.
Lauren Nadeau Gordon Brothers +1.617.422.6599 lnadeau@gordonbrothers.com