Marquis Industries has purchased the substantial assets of Q.E.P.’s Harris Flooring Group, which comprises four major flooring brands: Harris Wood, Kraus, Naturally Aged Flooring and Heritage Mill Wood Flooring. Q.E.P.’s primary flooring-related business—tools, adhesives, underlayment and accessory products—are not included in the sale.
The transaction, valued at about $10 million, is expected to double Marquis Industries’ sales force. In addition, according to Live Ventures Inc., a diversified holding company that trades on the Nasdaq exchange and counts Marquis as one of its portfolio companies, the deal is expected to significantly impact Marquis and its operations while contributing substantial revenues.
“This strategic move is in line with our commitment to growth, innovation and delivering even greater value to our retail partners,” Chet Graham, Marquis president, told FCNews. “Naturally Aged Flooring and Kraus are prominent players in the luxury hardwood, vinyl and commercial carpet sectors. The acquisition represents a cant milestone in our expansion strategy.”
The acquisition of Harris Flooring Group assets marks the second significant deal in three years by Marquis via Live Ventures. In 2020, Marquis Industries acquired Lonesome Oak Trading Company and its storied Gulistan brand, which dates to 1924. Gulistan’s strategy has been to selectively choose its flooring dealer partners, offering higher profit margins on the strength of its extrusion capabilities that provide unique colors and yarn systems that are exclusive to Gulistan.
“We plan to market the Naturally Aged Flooring and Kraus brands with our upper-end Gulistan brand carpets,” Graham stated, adding that Gulistan will have a stand-alone space at Surfaces 2024. Gulistan had shared space in the Marquis booth at Surfaces 2023.
Key benefits
Among the benefits of this transaction are: an expanded product portfolio, increased market reach, enhanced innovations and streamlined operations. The purchased assets also include related inventory, book of business and associated domain names and websites. Marquis said it intends to retain substantially all Harris Flooring Group employees and sales representatives.
“Our teams are working diligently to ensure a smooth transition and integration process,” Graham said.
Len Gould, president and CEO of Q.E.P., called Marquis Industries the “proper steward” going forward for the Harris Flooring Group. “Q.E.P. will continue to focus on what we do best—our core business of flooring tools, adhesives and underlayment,” he noted in a release.
Gould added that the divestiture would enable Q.E.P. to focus more time on the sundries categories as it looks to sell the remaining assets of the Harris Flooring Group.
