Mace Security Int’l Sells 3 Car Washes, Reduces Debt

HORSHAM, Pa.

Mace Security Int’l Inc. announces the sale of its three car wash facilities located in Austin, Texas, for $8 million.

The company says it will net $5.6 million in cash after closing costs and after paying off related debt of $ 2.15 million. Mace’s debt position is now just under $3 million, according to Mace CEO and President Dennis Raefield.

“Mace is almost debt-free and in a much stronger financial position,” Raefield says. “We are committed to executing our strategy of focusing on our core security business, exiting the car wash business, and building a company for future growth.”

Mace currently owns seven car wash facilities and leases one site in Texas. One of the owned car washes has a pending sales contract, according to Raefield.

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