Deal Description: Baker Botts represented American Industrial Partners (“AIP”) in connection with its agreement to acquire the wood flooring segment of Armstrong Flooring, Inc. (NYSE: AFI) (“Armstrong Flooring”) from Armstrong Flooring for $100 million, subject to customary adjustments for working capital, debt, and other matters.
AIP will gain Armstrong Flooring's high-quality wood flooring product portfolio and existing network of wood floor manufacturing facilities, staffed by an experienced wood flooring team.
AIP will own the Bruce brand and all other wood flooring segment brands and will also have full access to the Armstrong Flooring brand for the sale of wood products for two years after closing. The transaction, which is subject to customary closing conditions and working capital adjustments, is expected to be completed at the end of the fourth quarter of 2018.
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 90 transactions and currently has $4.2 billion of assets under management on behalf of leading pension, endowment and financial institutions.
The Baker Botts Team Included:
Corporate: Terry Bessey (Special Counsel, Washington), Brendan Dignan (Special Counsel, Washington), Susan Toumanian (Associate, Washington), Brandon Rice (Associate, Washington) and Megan Bumb (Associate, Washington) with assistance from Michael Swidler (Partner, New York) and Kristen Lloyd (Litigation Associate, Washington).
Antitrust: Paul Cuomo (Partner, Washington), Mike Bodosky (Special Counsel, Washington) and Christine Ryu-Naya (Associate, Washington).
Employee Benefits/Labor: Jennifer Trulock (Partner, Dallas) and Krisa Benskin (Senior Associate, Houston).
Environmental: Bart Seitz (Partner, Washington).
Finance: Martin Toulouse (Partner, New York) and Sarah Christian (Associate, Austin).
Intellectual Property: Luke Pedersen (Partner, Washington).
Tax: Don Lonczak (Partner, Washington) and Peter Farrell (Associate, Washington).
Real Estate: Joel Overton (Special Counsel, Dallas).
Trade: Jason Wilcox (Senior Associate, Washington).
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.