Kelly Capital Makes Bid for Mace Security


Mace Security Int’l Inc., which makes electronic security equipment and self-defense sprays, has received an unsolicited $45.8 million bid from a California investor to take the company private.

The buyout proposal of $3 per share was proffered Jan. 9 by San Diego private equity firm Kelly Capital Management LLC. Mace announced its board is reviewing the offer and preparing a reply.

Mace manufactures fiber-optic cameras and pepper sprays, and also operates a car and truck wash division that runs car washes around the U.S. The company has said it is trying to sell its car washes. It signed an agreement last month to sell its Arizona car washes for $19.25 million.

Mace’s shares have ranged from $2.13 to $2.89 during the past year. As of Nov. 9, the company had about 15.275 million shares outstanding.

Mace’s two largest shareholders, Lawndale Capital Management and Ancora Capital Inc., have said in newspaper reports that the offer from Kelly Capital seemed too low.

Besides running a direct investment and real estate operation, Kelly Capital also purchases loan portfolios, according to its Web site.

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