Live Ventures Acquires Naturally Aged Flooring, Harris, Kraus, and Heritage Mill Wood Flooring Brands from Q.E.P.
September 21 2023 - 8:30AM
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
Marquis added, “This acquisition not only brings us four major
brands but also approximately doubles our current salesforce. We
welcome all new employees to the Marquis Industries family.”
“We are pleased to transition the Harris Flooring
Group brands to Marquis Industries,” commented Leonard Gould,
President and Chief Executive Officer, The Americas, of Q.E.P. Co.,
Inc. “The Harris Flooring Group has passionately crafted beautiful
flooring products for years while delivering excellent service.
With this transaction, we believe that Marquis Industries will
continue to uphold and elevate our legacy of high-quality flooring
brands, serving as steadfast stewards of our commitment to our
brands, products, and customers.”
QEP’s Harris Flooring Group, based in Johnson City,
TN, with over 125 years of flooring experience, provides
high-quality flooring brands with an innovative and stylish
selection of engineered hardwood, luxury vinyl tile, laminate, and
carpet tile flooring for residential and commercial customers. The
Harris Flooring Group is committed to providing beautiful flooring
solutions with the highest level of service.
For more information on QEP and its Harris Flooring
Group, please see www.qep.com, www.qepcorporate.com, and
www.harrisflooring.com.
Live Ventures IncorporatedLive
Ventures is a diversified holding company with a strategic focus on
value-oriented acquisitions of domestic middle-market companies.
Live Ventures’ acquisition strategy is sector agnostic and focuses
on well-run, closely held businesses with a demonstrated track
record of earnings growth and cash flow generation. The Company
looks for opportunities to partner with management teams of its
acquired businesses to build increased stockholder value through a
disciplined buy-build-hold long-term focused strategy. Live
Ventures was founded in 1968. In late 2011 Jon Isaac, Chief
Executive Officer and strategic investor, joined the Board of
Directors and later refocused it into a diversified holding
company. The Company’s current portfolio of diversified operating
subsidiaries includes companies in the textile, flooring, tools,
steel, and entertainment industries. For more information on Live
Ventures please visit, www.liveventures.com.
Forward-Looking and Cautionary
StatementsThis press release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, each as
amended, that are intended to be covered by the “safe harbor”
created by those sections. In accordance with such safe harbor
provisions, statements contained herein that look forward in time
that include everything other than historical information, involve
risks and uncertainties that may affect the Company’s actual
results, including statements relating to expected synergies,
additional revenues, and salesforce growth. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," and similar statements. Live Ventures may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission on Forms 10-K and
10-Q, Current Reports on Form 8-K, in its annual report to
stockholders, in press releases and other written materials, and in
oral statements made by its officers, directors or employees to
third parties. There can be no assurance that such statements will
prove to be accurate, and there are a number of important factors
that could cause actual results to differ materially from those
expressed in any forward-looking statements made by the Company,
including, but not limited to, plans and objectives of management
for future operations or products, the market acceptance or future
success of our products, and our future financial performance. The
Company cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2022 (available at http://www.sec.gov).
Live Ventures undertakes no obligation to publicly update or revise
any statements in this release, whether as a result of new
information, future events, or otherwise.
Contact:
Live Ventures IncorporatedGreg Powell, Director of
Investor
Relations725.500.5597gpowell@liveventures.comwww.liveventures.com
Source: Live Ventures Incorporated
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