Q.E.P. CO., INC. ANNOUNCES ACQUISTION OF IMPERIAL INDUSTRIES, INC.
BOCA RATON, FLORIDA – October 18, 2012 – Q.E.P. CO., INC. (OTC: QEPC.PK) (the “Company”) announced that yesterday it completed the purchase of Imperial Industries, Inc. for aggregate consideration of $1.3 million.
Through its subsidiary Premix-Marbletite Manufacturing Co., Imperial manufactures and distributes pool, stucco, plaster and roofing products to building materials dealers, contractors and others, primarily in the Southeastern United States and the Caribbean. The acquisition will be accounted for as a purchase and included in the Company’s future results of operations. The purchase price is estimated to reasonably approximate the fair value of tangible net assets acquired, consisting of accounts receivable, inventory and accrued liabilities.
Lewis Gould, Chairman of the Company’s Board of Directors, commented: “We are pleased with the acquisition of Imperial Industries. This company is of strategic importance to Q.E.P. to open up a new vertical market for Q.E.P.’s product line that includes tools, trims, etc. Imperial, through its many years in business, has developed significant contacts in these areas and with Q.E.P.’s superior financial ability will grow the existing product line along with Q.E.P. products. Q.E.P. is continuing the process of strategically locating acquisitions that will fit into Q.E.P.’s vertical marketplaces and enhance Q.E.P. ability to leverage important customers.”