German private equity outfit Aurelius Equity Opportunities has completed the acquisition of Armstrong Ceiling Solutions from Knauf International.
The suspended ceiling tiles and grids manufacturer is active in 11 European countries including Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain, Turkey and the UK.
Headquartered in Gateshead, England, the business has over 260 employees and is led by five executive board members.
Armstrong Ceiling Solutions also has three distribution centres located in the UK, Germany and Spain.
Aurelius said it will implement a multi-year capital investment programme designed to deliver substantial technical and specification upgrades to both the mineral fibre and grid production facilities.
“We look forward to supporting Armstrong Ceiling Solutions and its management team during the company's next stage of development, leveraging our extensive experience working with businesses in the manufacturing sector and our operational expertise to support the company's continued growth,” said Aurelius executive board member Fritz Seemann.
The investment will include an upcoming rebrand, the company said.
Armstrong Ceiling Solutions managing director Christophe Lloret Linares added: “Our employees are really excited to commence the cooperation with Aurelius, convinced that our customers and our companies will benefit from the significant investment plans being implemented, our new strategic developments, and our profitable growth."
The acquisition of Armstrong Ceiling Solutions was first announced in August 2019.
