American Industrial Partners will operate the cabinets business under the name ACProducts, Inc. and was granted a license to use certain Armstrong trademarks and operate under the Armstrong Cabinet Products trade name for two years.
The Armstrong cabinet business makes cabinetry for single-family and multi-family builders and remodelers in the U.S. In 2011 the business had sales of $136 million and had approximately 750 employees. The Armstrong cabinet business is based in Thompsontown, PA (click HERE for access to the Armstrong cabinet website).
American Industrial Partners seeks to acquire control positions in North American headquartered industrial companies with sales ranging from $100 million to $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.aipartners.com).
Armstrong World Industries is a designer and manufacture of floors and ceilings. In 2011, Armstrong’s consolidated net sales from continuing operations totaled approximately $2.7 billion. Based in Lancaster, PA, Armstrong operates 32 plants in eight countries and has approximately 8,500 employees worldwide (www.armstrong.com).
“Exiting our cabinets business supports our strategy to focus on our core businesses – flooring and ceilings – around the world. This was the right decision for us,” said Armstrong CEO Matt Espe. “We thank the employees for their commitment over the years, and we wish them and the new owners great success as they work to build on a strong foundation of quality and service.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-2-12