QEP, Inc., announced it completed the sale of certain assets of its Harris Flooring Group to Marquis Industries, Inc., a subsidiary of Live Ventures Incorporated, on September 20, 2023, in a transaction valued at approximately $10 million.
Based in Boca Raton, Florida, QEP is a manufacturer and distributor of installation solutions for commercial and home improvement projects. Harris Flooring Group offers engineered hardwood, luxury vinyl tile, laminate and carpet tile flooring for the residential and commercial market.
The purchased assets include the Naturally Aged Flooring, Harris, Kraus and Heritage Mill brands in North America, as well as related inventory and associated domain names and websites. Marquis Industries has also extended offers of employment to substantially all Harris Flooring Group employees.
QEP’s primary flooring-related businesses in tools, adhesives, underlayment and accessory products are not included in this transaction.
Len Gould, QEP president and CEO of The Americas said: ”We believe Marquis Industries is the proper steward going forward for the Harris Flooring Group. QEP will continue to focus on what we do best, our core business of flooring tools, adhesives, and underlayment. Across the globe, the QEP family of brands dominates the sundry categories in flooring. This divestiture will enable us to add more time, focus, and scale to our growth plan and speed to our Innovation-Roadmap.”
The company said it is currently in the process of selling the remaining assets of the Harris Flooring Group.
