Aurelius buys Armstrong division from Knauf

Knauf acquired Armstrong World Industries in 2017 but was required by the European Commission to sell the ceilings subsidiary.

The division is projecting 2019 revenues of £75m and is profitable, according to Aurelius. The investor plans to invest further expansion capital into the company in order to implement technical specification upgrades to the production facilities.

Company
Armstrong's ceilings division makes mineral fibre tiles and grids for modular suspended ceilings. Its products are used in schools, offices and hospitals across Europe. It has operations in Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain, Turkey and the UK.

People
Aurelius Equity Opportunities – Fritz Seemann (member of executive board).
Armstrong ceiling business – Christophe Lloret Linares (managing director).

Advisers
Equity – Eversheds Sutherland (legal); Linklaters (legal); KPMG (tax).
Vendor – PwC (corporate finance); Freshfields Bruckhaus Deringer (legal).

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