BOCA RATON, Fla., Sept. 11, 2018 (GLOBE NEWSWIRE) -- Q.E.P. Co., Inc. (OTC: QEPC.PK) announced today that it has entered into a definitive asset purchase agreement to acquire the hard surface and carpet tile distribution business of the Kraus Group of Companies (the “Transaction”). The Kraus Group of Companies is seeking approval of the Transaction under the Companies Creditor’s Arrangement Act in Canada and the United States Bankruptcy Court. Subject to such approvals and other standard closing conditions, the Transaction is expected to be completed in early October 2018.
Kraus Group of Companies is a leading North American supplier of various hard surface flooring, carpet tiles and related accessories located near Toronto, Canada. The acquired hard surface flooring distribution business will operate as a business unit of QEP. This acquisition is expected to be of benefit to both Kraus’ and QEP’s current and future customers.
The closing of the Transaction and the anticipated benefits are subject to known and unknown risks and uncertainties, many of which are beyond the control of QEP or Kraus, and which may prevent or delay the closing of the Transaction.
About QEP
Q.E.P. Co., Inc., founded in 1979, is a world class, worldwide provider of innovative, quality and value-driven flooring and industrial solutions. As a leading worldwide manufacturer, marketer and distributor, QEP delivers a comprehensive line of hardwood and laminate flooring, flooring installation tools, adhesives and flooring related products targeted for the professional installer as well as the do-it-yourselfer. In addition, the Company provides industrial tools with cutting edge technology to all of the industrial trades. Under brand names including QEP®, ROBERTS®, Capitol®, Harris®Wood, Fausfloor®, Vitrex®, Homelux®, TileRite®, PRCI®, Nupla®, HISCO®, Plasplugs®, Ludell®, Porta-Nails®, Tomecanic®, Bénètiere®, Elastiment®, X-TREME Board™ and AppleCreek™, the Company sells its products to home improvement retail centers, specialty distribution outlets, municipalities and industrial solution providers in 50 states and throughout the world.
Contact:
Q.E.P. Co., Inc.
Mark Walter
SVP & Chief Financial Officer
Phone Number: 561-994-5550
Email: mwalter@qep.com