Q.E.P. has completed the sale of its wholly owned subsidiary, PRCI, to Spear & Jackson Group Limited and Neill France, in a stock purchase transaction having a value of 1.4M Euros. PRCI, a distributor of tile and plumbing tools in France, was acquired by QEP in September 2004. In connection with this transaction, QEP secured the consent of its lending institution, Bank of America, which waived certain covenants, released all claims on the divested assets, and approved the transaction under the Fifth Amended and Restated Loan and Security Agreement dated February 15, 2021.
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