QEP and Imperial Industries make a deal
QEP Co, a worldwide manufacturer, marketer and distributor of hardwood flooring, flooring installation tools, adhesives and flooring-related products, signed a letter of intent to acquire Imperial Industries.
Pompano Beach, Fla.-based Imperial Industries, maker and distributor of exterior building products, said it received a line of credit up to $500,000 from QEP.
The credit is intended to provide Imperial funds for its current working capital needs and any transaction costs that may be incurred as a result of a subsequent merger between Imperial and QEP.
Daniel Ponce, Imperial’s chairman of the board, stated: "This loan agreement provides the company with the necessary funds to address the immediate liquidity needs of its operations during this difficult period in the construction industry. We are excited about the potential acquisition of our company by QEP. Should our company join forces with QEP, I believe it would strengthen our operations and greatly enhance our company’s ability to improve our market position."
Bozzuto Homes names new director of construction
The Bozzuto Group, a residential builder based in Greenbelt, Md., has hired Chris Block as its new director of construction.
“[Block] will be directly responsible for all homebuilding construction activities for Bozzuto Homes, including our newest communities – Uptown at Murray Hill in Annapolis, Towson Green in Towson, and Uplands in Baltimore City," said Tom Baum, president Bozzuto Homes. "His experience and knowledge of operations and construction in the Mid-Atlantic homebuilding market will prove to be valuable assets in the current real estate climate."
Block previously held several executive level positions at Caruso Homes, Inc., most recently as executive VP, where he managed daily operations for the regional homebuilder. He also served as director of operations for Golden Builders, Inc., an Annapolis-based custom homebuilder.
Prior to his career in the homebuilding industry, Block spent nine years as a lumber broker for various companies.
Headquartered in the Washington, D.C. area, The Bozzuto Group is a diversified residential real estate firm consisting of six integrated companies – acquisitions, construction, development, homebuilding, land development and property management – that together provide a broad range of real estate services throughout the Mid-Atlantic and Northeast.
WOLF brings K&B to new states
York, Pa.-based WOLF expanded its service area for kitchen and bath products to include Ohio and parts of Tennessee.
The move brings the number of states WOLF serves to 19. WOLF describes itself as the largest supplier of kitchen cabinets in the United States and a leading provider of composite and PVC decking, railing, trimboards and other building products.
WOLF logistics began in June filling orders to dealers in a region that includes Cleveland, Akron and Columbus, Ohio, as well as dealers in eastern and central Tennessee.
WOLF currently distributes kitchen and bath materials to 3,000 pro dealers across the East Coast of the United States.