Mace getting closer to pure play

 - 
03/18/2011

Mace Security International took another step toward becoming a pure-play security company when it announced this week the sale of its Lubbock, Texas carwash.

The car wash sold for $1.7 million and the company netted $300,000 in cash after “paying off a mortgage for $670,000,  a 50 percent payment of $675,000 towards the $1.35 million promissory note with Merlin Partners LP and closing costs,” according to a press release.

This leaves two car washes of the 51 car that Mace originally owned.

Of the two that are left, one is “under an agreement of sale and an additional car wash under lease,” according to a press release.

I spoke to Mace CEO Dennis Raefield this fall, and he said that the company would be shedding all of its security assets early in 2011.

In a prepared statement, Raefied said: “This sale reduces our already low debt levels even more and continues our strategic focus towards the security industry."