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Aurelius Equity Opportunities SE & Co., an asset manager based in Germany, is acquiring the ceiling tiles and grids businesses of Lancaster-based Armstrong in Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain, Turkey and the UK from Knauf International GmbH.

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 is acquiring, which consist of two production facilities situated in Team Valley/UK and business operations and sales capabilities across 11 markets. The company will continue to trade under the Armstrong name for an agreed period of time.

The company provides mineral fiber tiles and grids for modular suspended ceilings to commercial properties, with its products widely used in offices, schools and hospitals across Europe. On acquisition, Aurelius will execute a complex carve out of the company from its parent business, establishing it as one standalone entity.

Aurelius was advised by Eversheds Sutherland (Legal), Linklaters (Anti-Trust counsel) and KPMG (Tax). Knauf Ceilings was advised by PwC (Corporate Finance) and Freshfields Bruckhaus Deringer (Legal).