Following the completion of the acquisition, Armstrong Ceiling Solutions in the divested markets is now in full ownership of Aurelius Equity Opportunities.

The newly carved out business, acquired from Knauf and formerly part of Armstrong World Industries, has been established as a single standalone, profitable entity servicing 11 geographical markets.

The leading manufacturer of suspended ceiling tiles and grids boasts two production facilities in the North East of England and three distribution centres located in the UK, Germany and Spain.

Aurelius Equity Opportunities will implement an extensive, multi-year capital investment programme designed to deliver substantial technical and specification upgrades to both the mineral fibre and grid production facilities.

The 31st March marks the official closing date for the formal acquisition by Aurelius Equity Opportunities (“Aurelius”) of the Armstrong ceiling tiles and grids businesses in Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain, Turkey and the UK.

From this date, the divested business, led by five executive board members and trading as Armstrong Ceiling Solutions, will be fully independent and in the full ownership of Aurelius.

Fritz Seemann, Executive Board Member of Aurelius, said: “We are delighted that this acquisition has now been completed and we welcome Armstrong Ceiling Solutions into our portfolio."

"The completion of this transaction is doubly significant in that it demonstrates Aurelius’ capability to transact in highly challenging market conditions as well as expertise when it comes to executing complex, cross-border carve-outs. 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.”

Aurelius will work closely with the management team to take advantage of the growth opportunities available globally and across all non-residential construction sectors. Investment into new product development will mean an extended and broader product offering which will enhance and complement the current core product range and meet the market needs.

Christophe Lloret Linares, Managing Director at Armstrong Ceiling Solutions, said: “As a key market player, Armstrong Ceiling Solutions has found with Aurelius the perfect shareholder to build the foundation of a new era which starts today with the closing of the transaction. Aurelius’ experience alongside Armstrong Ceiling Solutions’ expertise will ensure the success of this new stand-alone business."

"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.”