Mace Security International announced it sold its three Genie car wash facilities located in Austin, Texas. With the sale, the corporation has exited the Austin car wash market. The sales price for the transaction was US$8 million, with the company netting $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 on Nov. 30.
“Mace is almost debt-free and in a much stronger financial position,” said Dennis Raefield, Mace CEO and President. “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 locations and leases one location in Texas. One of the owned car washes has a pending sales contract.