Mace Security Sells Texas Car Wash

“We are pleased to announce this sale in our continued progress in exiting the car wash business,” says Mace CEO.

Horsham, Pa.-based Mace Security International Inc. has sold a full-service car wash facility and convenience store located in Lubbock, Texas.

With the sale of its Lubbock location, the corporation currently has two remaining car washes that it owns, one of which is under an agreement of sale and an additional car wash under lease.

The sales price for the Lubbock, Texas facility was $1.7 million with the company netting $300,000 in cash after paying off a related mortgage for $670,000, a 50% payment of $675,000 towards the $1.35 million promissory note with Merlin Partners LP and closing costs.

“We are pleased to announce this sale in our continued progress in exiting the car wash business,” said Dennis Raefield, CEO and president of Mace Security International Inc. stated. “We anticipate a complete exit in Q2-2011. This sale reduces our already low debt levels even more and continues our strategic focus towards the security industry.”

Mace Security International Inc. is a manufacturer of personal defense and electronic surveillance products marketed under the brand name Mace, and the owner and operator of a wholesale central monitoring station.

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