QEP Completes Sale of United Kingdom Business
Q.E.P. Co., Inc. (QEP), a renowned designer, manufacturer, and distributor of top-notch flooring installation solutions, has recently completed the sale of its business in the United Kingdom. The UK Business, previously owned by Q.E.P. Co. U.K. Limited, has now been acquired by QEP UK Holdings Limited, led by Paul Boyce, in a transaction valued at approximately £12 million. This move signifies a significant milestone for QEP as it strategically realigns its global footprint to focus on core brands and products, ultimately driving long-term stockholder value.
Paul Boyce, who has been an integral part of QEP’s management team for the past 14 years, including serving as CEO of International Operations and a member of the Board of Directors, will now lead the Boyce Family Group, the new owners of the UK Business. In light of this transaction, Mr. Boyce has resigned from his position on the Board of Directors.
Lewis Gould, Executive Chairman of QEP, expressed his gratitude for Paul Boyce’s numerous contributions to the company and emphasized the commitment to working closely with him and his team. Together, they aim to achieve the common goal of expanding core brands and products globally within their respective territories.
To ensure the transaction’s approval, QEP’s Board of Directors appointed a Special Committee comprised of independent and disinterested directors. The committee, with the assistance of Cassel Salpeter & Co. LLC, a third-party investment banking firm, provided financial advice and recommended the transaction for approval.
Established in 1979, QEP has gained recognition as a leading provider of flooring installation solutions for both commercial and home improvement projects worldwide. The company offers an extensive range of specialty installation tools, adhesives, and underlayment under various brand names such as QEP®, LASH®, ROBERTS®, Capitol®, Premix-Marbletite® (PMM), Brutus®, Homelux®, PRCI®, and Tomecanic®. With headquarters in Boca Raton, Florida, QEP operates offices in Canada, Europe, Asia, Australia, and New Zealand.
As with any forward-looking statements, QEP acknowledges the potential risks and uncertainties associated with the sale and its impact on the business. These risks include general market factors, competitive product development, product availability, regulatory and legislative changes, manufacturing issues, patent positions, and litigation. However, QEP remains committed to providing updates and adhering to any legal obligations regarding forward-looking statements.
QEP’s completion of the sale of its UK Business represents a strategic move towards focusing on core brands and products, ultimately driving long-term value for stockholders. With a strong global presence and a commitment to excellence, QEP continues to position itself as a leader in the flooring installation solutions industry.