QEP Completes Sale of PRCI Business in France
BOCA RATON, Fla., March 24, 2025 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (OTCQX: QEPC) (the “Company” or “QEP”) today announced that it has completed the sale of its wholly owned subsidiary, PRCI, S.A.S., to Spear & Jackson Group Limited and Neill France, S.A. in a stock purchase transaction having a value of 1.4 million Euros.
PRCI, a distributor of tile and plumbing tools in France, was acquired by QEP in September 2004.
Len Gould, QEP’s President and Chief Executive Officer, noted, “This divestiture continues our strategy to refocus efforts and resources in North America. PRCI is in good hands with Spear & Jackson going forward, which will allow us to increase our force and focus on our markets here.”
In connection with this transaction, QEP secured the consent of its lending institution, Bank of America, N.A., which waived certain covenants, released all claims on the divested assets, and approved the transaction under the Fifth Amended and Restated Loan and Security Agreement dated February 15, 2021.
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 flooring 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, and professional specialty distribution outlets, under brand names including QEP®, LASH®, ROBERTS®, Capitol®, Premix-Marbletite® (PMM), Brutus® and Homelux®.
QEP is headquartered in Boca Raton, Florida with offices in Canada and Asia. Please visit our website at .
Forward-Looking Statements
All statements contained in this press release, other than statements of historical facts, may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Forward-looking statements include, but are not limited to, statements regarding the Company’s business following the sale. Any forward-looking statements contained herein are based on current expectations and beliefs, and are subject to a number of risks and uncertainties, including those listed in the Company’s annual report, as such risk factors may be amended, supplemented or superseded from time to time by other reports and disclosures made by the Company. Forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the Company does not undertake any obligation to update forward-looking statements, except as required by law.
CONTACT:
Q.E.P. Co., Inc.
Enos Brown
Executive Vice President and
Chief Financial Officer
561-994-5550
