Quality Industrial Corp. agrees to buy 52% of Quality International for up to $137M

Quality Industrial Corp.

Purchase price up to $137M in six cash tranches; first $1M already paid.
Second and third tranches total $81M due within 210 days of closing.
Remaining $55M payable in three tranches contingent on 2023 and 2024 audited EBITDA targets.
Target company manufactures solutions for oil/gas, energy, water, and offshore sectors.
Buyer gets two board seats; existing shareholders get two; independent seat to be mutually chosen.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Quality Industrial Corp. entered into Stock Purchase Agreement with shareholders of Quality International valued at up to $137,000,000 in cash (effective 2023-01-18).

Action: entry
Agreement: asset purchase
Counterparty: shareholders of Quality International
Value: up to $137,000,000 in cash
Effective: 2023-01-18

Exact text from the filing

On January 18, 2023, we entered into a definitive Stock Purchase Agreement (the “Purchase Agreement”) with the shareholders of Quality International, which agreement provided for our purchase of 52% (increased by 1% over the Agreement) of the shares of Quality International Co Ltd FZC (the “Shares”).

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Quality Industrial Corp. filing history →

Source: SEC EDGAR

accession 0001663577-23-000018

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