QEP Completes Sale of PRCI Business in France
Q.E.P. CO., INC. (OTCQX: QEPC) has announced the completion of its sale of PRCI, S.A.S., its French subsidiary, to Spear & Jackson Group and Neill France, S.A. The stock purchase transaction is valued at 1.4 million Euros.
PRCI, which QEP acquired in September 2004, operates as a distributor of tile and plumbing tools in France. The divestiture aligns with QEP's strategic initiative to concentrate efforts and resources in North America.
The transaction received approval from Bank of America, N.A., which waived certain covenants, released claims on divested assets, and approved the deal under the Fifth Amended and Restated Loan and Security Agreement dated February 15, 2021.
Q.E.P. CO., INC. (OTCQX: QEPC) ha annunciato il completamento della vendita di PRCI, S.A.S., la sua filiale francese, al gruppo Spear & Jackson e a Neill France, S.A. La transazione di acquisto azionario è valutata 1,4 milioni di euro.
PRCI, acquisita da QEP nel settembre 2004, opera come distributore di piastrelle e strumenti idraulici in Francia. La dismissione si allinea con l'iniziativa strategica di QEP di concentrare sforzi e risorse in Nord America.
La transazione ha ricevuto l'approvazione da parte di Bank of America, N.A., che ha rinunciato a determinate clausole, ha liberato le rivendicazioni sugli asset dismessi e ha approvato l'accordo secondo il Quinto Emendamento e Restituzione del Contratto di Prestito e Sicurezza datato 15 febbraio 2021.
Q.E.P. CO., INC. (OTCQX: QEPC) ha anunciado la finalización de la venta de PRCI, S.A.S., su filial francesa, al grupo Spear & Jackson y a Neill France, S.A. La transacción de compra de acciones está valorada en 1,4 millones de euros.
PRCI, que QEP adquirió en septiembre de 2004, opera como distribuidor de azulejos y herramientas de fontanería en Francia. La desinversión se alinea con la iniciativa estratégica de QEP de concentrar esfuerzos y recursos en América del Norte.
La transacción recibió la aprobación de Bank of America, N.A., que renunció a ciertas cláusulas, liberó reclamaciones sobre activos desinvertidos y aprobó el acuerdo bajo el Quinto Enmienda y Restitución del Acuerdo de Préstamo y Seguridad fechado el 15 de febrero de 2021.
Q.E.P. CO., INC. (OTCQX: QEPC)는 프랑스 자회사인 PRCI, S.A.S.를 Spear & Jackson Group과 Neill France, S.A.에 매각 완료했다고 발표했습니다. 주식 매입 거래는 140만 유로로 평가됩니다.
QEP는 2004년 9월에 인수한 PRCI는 프랑스에서 타일 및 배관 도구의 유통업체로 운영되고 있습니다. 이 매각은 QEP가 북미에 노력을 집중하고 자원을 배분하려는 전략적 이니셔티브와 일치합니다.
이 거래는 Bank of America, N.A.의 승인을 받았으며, 특정 계약 조항을 면제하고, 매각 자산에 대한 청구를 해제하며, 2021년 2월 15일자 제5차 수정 및 재작성 대출 및 담보 계약에 따라 거래를 승인했습니다.
Q.E.P. CO., INC. (OTCQX: QEPC) a annoncé l'achèvement de la vente de PRCI, S.A.S., sa filiale française, au groupe Spear & Jackson et à Neill France, S.A. La transaction d'achat d'actions est évaluée à 1,4 million d'euros.
PRCI, que QEP a acquis en septembre 2004, opère en tant que distributeur de carreaux et d'outils de plomberie en France. La cession s'inscrit dans l'initiative stratégique de QEP de concentrer ses efforts et ses ressources en Amérique du Nord.
La transaction a reçu l'approbation de Bank of America, N.A., qui a renoncé à certaines clauses, a libéré des réclamations sur les actifs cédés et a approuvé l'accord dans le cadre du Cinquième Amendement et de la Restitution de l'Accord de Prêt et de Sécurité daté du 15 février 2021.
Q.E.P. CO., INC. (OTCQX: QEPC) hat den Abschluss des Verkaufs von PRCI, S.A.S., seiner französischen Tochtergesellschaft, an die Spear & Jackson Group und Neill France, S.A. bekannt gegeben. Die Transaktion zum Kauf von Aktien hat einen Wert von 1,4 Millionen Euro.
PRCI, das QEP im September 2004 erworben hat, fungiert als Distributor von Fliesen und Sanitärwerkzeugen in Frankreich. Die Veräußerung steht im Einklang mit der strategischen Initiative von QEP, die Bemühungen und Ressourcen auf Nordamerika zu konzentrieren.
Die Transaktion erhielt die Genehmigung von Bank of America, N.A., die bestimmte Verpflichtungen aufgehoben, Ansprüche auf veräußerte Vermögenswerte freigegeben und den Deal gemäß der fünften geänderten und neu gefassten Kredit- und Sicherheitsvereinbarung vom 15. Februar 2021 genehmigt hat.
- Sale of PRCI subsidiary generates 1.4 million Euros in proceeds
- Strategic realignment to focus on North American markets
- Successful securing of bank approval and covenant waivers
- Reduction in international market presence
- Loss of revenue stream from French operations
BOCA RATON, Fla., March 24, 2025 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (OTCQX: QEPC) (the “Company” or “QEP”) 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.
Forward-Looking Statements
All statements contained in this press release, other than statements of historical facts, may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Forward-looking statements include, but are not limited to, statements regarding the Company’s business following the sale. Any forward-looking statements contained herein are based on current expectations and beliefs, and are subject to a number of risks and uncertainties, including those listed in the Company’s annual report, as such risk factors may be amended, supplemented or superseded from time to time by other reports and disclosures made by the Company. Forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the Company does not undertake any obligation to update forward-looking statements, except as required by law.
CONTACT:
Q.E.P. Co., Inc.
Enos Brown
Executive Vice President and
Chief Financial Officer
561-994-5550
FAQ
How much did QEP (QEPC) sell its French subsidiary PRCI for?
Why did QEP (QEPC) sell its French subsidiary PRCI?
When did QEP (QEPC) originally acquire PRCI in France?
What approvals did QEP (QEPC) secure for the PRCI sale?
What business did PRCI conduct for QEP (QEPC) in France?
