Armstrong Flooring in the US announced that, in continuation of its ongoing Chapter 11 restructuring, the auction held as a part of its court-supervised sale process has concluded with the following bids deemed as the highest and best offers. Sources: Lesprom, Timberbiz
- Giant Group will acquire the equity interests in the company’s Hong Kong holding company subsidiary, including all associated operations, for $59 million; and
- Cowes Bay will acquire substantially all of the company’s Australian assets for US$31 million plus assumption of specified liabilities.
Giant Group and Cowes Bay will operate the Chinese and Australian businesses, respectively. The Chinese and Australian businesses will continue to operate as usual pending consummation of the respective sales.
This announcement comes following the previous disclosure that a consortium of buyers consisting of AHF and Gordon Brothers will acquire Armstrong Flooring’s North American assets for US$107 million plus assumption of specified liabilities.
The proposed transactions are the outcome of a court-supervised auction that was held on 27 June 2022. Ultimately, the bids from Giant Group and Cowes Bay were deemed the highest and best offers for the international assets.
In a statement Rob McLorinan General Manager Armstrong Flooring for Australia and New Zealand said that the Australian business of Armstrong Flooring will continue its operations in Australia following an agreement for purchase by Cowes Bay Group (CBG).
CBG was established by the McKendrick family with Kim McKendrick as the managing director. The McKendrick family is known for its extensive experience in the manufacturing and distribution of residential and commercial flooring products and the purchase of related assets in the flooring industry across Australia and New Zealand.
