Gordon Brothers Asset Advisors, LLC and AHF, LLC entered into a binding asset purchase agreement to acquire Substantially all of North American Assets from Armstrong Flooring, Inc. (OTCPK:AFII.Q) for approximately $110 million on July 10, 2022. Definitive agreements will be signed for these assets. The consideration includes $107 million in cash and assumption of specified assumed liabilities. Armstrong Flooring will continue to operate as usual in all North American geographies and remains committed to its customers and other stakeholders. The proposed transactions are subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions. As of July 13, 2022, AHF Products received bankruptcy court approval for the acquisition. The transaction is expected to close on or before July 22, 2022. As of July 13, 2022, AHF Products received bankruptcy court approval for the acquisition.

Steven J. Daniels and Ron E. Meisler of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Armstrong. W. Austin Jowers and Justin King of King & Spalding LLP acted as legal advisor to AHF LLC. Steven J. Reisman and Cindi M. Giglio of Katten Muchin Rosenman LLP acted as legal advisor to Gordon Brothers. Houlihan Lokey Capital, Inc. acted as financial advisor to Armstrong Flooring, Inc., Armstrong Flooring Canada Ltd., Armstrong Flooring Latin America, Inc. and AFI Licensing LLC.

Gordon Brothers Asset Advisors, LLC and AHF, LLC completed the acquisition of Substantially all of North American Assets from Armstrong Flooring, Inc. (OTCPK:AFII.Q) on July 25, 2022.