QEP Completes Sale of Certain Harris Flooring Group Assets to Marquis Industries

Q.E.P. Co., Inc., (the “Company” or “QEP”) today announced that, on September 20, 2023, it completed the sale of certain assets of its Harris Flooring Group to Marquis Industries, Inc. (“Marquis Industries”), a subsidiary of Live Ventures Incorporated (Nasdaq: LIVE), in a transaction valued at approximately $10 million.

The purchased assets include the Naturally Aged Flooring™, Harris®, Kraus® and Heritage Mill® brands in North America, as well as related inventory and associated domain names and websites. Marquis Industries has also extended offers of employment to substantially all Harris Flooring Group employees. QEP’s primary flooring-related businesses in tools, adhesives, underlayment and accessory products are not included in this transaction.

Len Gould, President & CEO, The Americas, of QEP said, ”We believe Marquis Industries is the proper steward going forward for the Harris Flooring Group. QEP will continue to focus on what we do best, our core business of Flooring Tools, Adhesives, and Underlayment.”

“Across the globe, the QEP family of brands dominates the sundry categories in flooring. This divestiture will enable us to add more time, focus, and scale to our growth plan and speed to our Innovation-Roadmap.”

As the Company is currently in the process of selling the remaining assets of the Harris Flooring Group, the Company cannot at this time make a good faith determination of cost estimates, or ranges of cost estimates, associated with the sale of all Harris Flooring Group assets. If required, the Company will provide such information at such time as its management is able in good faith to estimate the amount, or range of amounts, of these costs.

About QEP

Founded in 1979, Q.E.P. Co., Inc. is a leading designer, manufacturer and distributor of a broad range of best-in-class installation solutions for commercial and home improvement projects worldwide. QEP offers a comprehensive line of specialty installation tools, adhesives, and underlayment. QEP sells its products throughout the world to home improvement retail centers, professional specialty distribution outlets, and flooring dealers under brand names including QEP®, LASH®, ROBERTS®, Capitol®, Premix-Marbletite® (PMM), Vitrex®, Brutus®, Homelux®, PRCI®, Plasplugs®, and Tomecanic®. QEP is headquartered in Boca Raton, Florida with offices in Canada, Europe, Asia, Australia and New Zealand.

Source: Q.E.P. Co., Inc.