BOCA RATON, Fla., March 24, 2025 (GLOBE NEWSWIRE) — Q.E.P. CO., INC. (OTCQX: QEPC) 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 www.qepcorporate.com.
