QEPC - Live Ventures Acquires Naturally Aged Flooring Harris Kraus and Heritage Mill Wood Flooring Brands from Q.E.P. | Benzinga
LAS VEGAS, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (NASDAQ:LIVE), a diversified holding company ("Live Ventures" or "Company"), announced today that its subsidiary Marquis Industries, Inc. ("Marquis Industries") has acquired the Harris Flooring Group® brands from Q.E.P. Co., Inc. (OTCQX:QEPC) ("QEP"), a designer, manufacturer, and distributor of a broad range of best-in-class flooring and installation solutions for commercial and home improvement projects. The Harris Flooring Group comprises four major flooring brands: Harris®, Kraus®, Naturally Aged Flooring™, and Heritage Mill Wood Flooring™. On September 20, 2023, Marquis Industries acquired the Harris Flooring Group brands, inventory, and book of business and intends to retain substantially all Harris Flooring Group employees and sales representatives. The transaction, valued at approximately $10 million, is set to double Marquis Industries' salesforce and is expected to significantly impact Marquis Industries and its operations while contributing substantial revenues.
"As part of the growth strategy for our flooring manufacturing segment, we are excited to announce the acquisition of the Harris Flooring Group by our subsidiary, Marquis Industries," said Jon Isaac, President and Chief Executive Officer of Live Ventures. "We believe the acquisition will be very synergistic and add significant revenues to Marquis Industries."
"The Harris Flooring Group is a perfect fit with our existing flooring manufacturing operations, and we are thrilled to add the high-quality Harris, Kraus, Naturally Aged Flooring, and Heritage Mill Wood Flooring brands to our line of national flooring brands. The Harris Flooring Group has established itself as a flooring industry leader, earning the trust of its customers for decades," stated Weston A. Godfrey, Jr., Co-Chief Executive Officer of Marquis Industries. Chet Graham, Co-Chief Executive Officer of ...