Live Ventures Acquires Naturally Aged Flooring, Harris, Kraus, and Heritage Mill Wood Flooring Brands from Q.E.P.
LAS VEGAS, Sept. 21, 2023 (GLOBE NEWSWIRE) -- 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 legacyof 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.
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