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Eversheds Sutherland advises AURELIUS on its agreement to acquire Armstrong ceiling businesses from Knauf

  • Germany

    14-08-2019

    Eversheds Sutherland has advised AURELIUS Equity Opportunities (AURELIUS), on its agreement to acquire Armstrong ceiling businesses from Germany’s Knauf Group. AURELIUS is the listed entity within AURELIUS Group, a pan-European investment group that focuses on investing in special situations and mid-market transaction opportunities in a broad range of industries.

    The transaction includes of two production facilities situated in Team Valley (UK) and business operations and sales capabilities in the UK, Germany, Italy, Ireland, Portugal, Spain, Turkey, Austria, Latvia, Lithuania and Estonia. The company provides mineral fibre tiles and grids for modular suspended ceilings to commercial properties, with its products widely used in offices, schools and hospitals across Europe. The business has combined 2019 revenues of 75 million British pounds. On acquisition, AURELIUS will execute a complex carve out of the company from its parent business, establishing it as one standalone entity.

    The transaction follows Knauf’s agreement to acquire Armstrong World Industries Inc’s EMEA and Pacific Rim business in 2017. In order for this deal to complete, Knauf is required by the European Commission to sell the businesses AURELIUS has agreed to acquire, which will continue to trade under the Armstrong name for an agreed period of time.

    Knauf is one of the world’s leading manufacturers of modern insulation materials, drylining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools. Knauf operates 220 production facilities and sales organizations in over 80 countries across all five continents, with 28,000 employees generating sales of 7.2 billion Euro (in 2018).

    AURELIUS Group has offices in Munich, London, Stockholm, Madrid and Amsterdam. Since it was founded in 2006, it has grown from a local turnaround investor to an international multi-asset manager. AURELIUS Equity Opportunities currently has 21 portfolio companies located across Europe which employ around 13,000 people and generate annual revenues of approx. than 3.5 billion Euro.

    The completion of the transaction remains subject to the approval of the European Commission among other relevant competition approvals.

    The Eversheds Sutherland team which advised on the transaction was led by partners Dr. Christian Mense (Munich), James Trevis (London) and principal associate Anthony Cross (Munich, all Corporate/M&A), and included partners Dr. Tobias Maier (Commercial, Munich), Colin Askew (Tax, London), Rupert Bent (IP), Emma King (Pensions, both Birmingham). The wider team included principal associates Jörg Käßner (Tax), Nils Müller (IP/Commercial, both Munich), James Ellis (Pensions, Birmingham), Lisa Highet (IP, Nottingham), senior associate Martin Sanftleben (Munich) and associates Sophia Münzel, Ulrich Schiener (all Munich), Owen Llewelyn (Cardiff, all Corporate/M&A), Alexandra Emery (IP, Nottingham), Steffen Morawietz (Commercial, Munich), Alex Lane (Pensions, Birmingham) and Rachael Tattersall (Litigation, Manchester).

    Eversheds Sutherland has advised AURELIUS previously on the acquisition of the European business of Office Depot, a US-based provider of office equipment and contract services.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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