QEPC - QEP Agrees To Sell Australia/New Zealand Business | Benzinga
BOCA RATON, Fla., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (OTCQX:QEPC) (the "Company" or "QEP") today announced it has entered into a definitive agreement to sell substantially all of the assets of its operating subsidiaries in Australia and New Zealand (the "ANZ Business") to QEP Australasia Pty. Ltd. led by Bruce Maclaren and Tony Lei, in a transaction valued at approximately AUD 14.05 million. The transaction is expected to close by the end of the Company's fiscal year on February 29, 2024, subject to certain closing conditions.
Bruce Maclaren has served as the Managing Director of QEP's ANZ Business for 20 years including a period of three years as CEO European Operations for QEP based in the UK. Tony Lei has also been involved with QEP for over 20 years as a valued supplier to the ANZ Business and QEP's other businesses around the world.