Mace Security International Inc. announced today it has agreed to sell its last carwash in Austin, Texas, for $3.2 million. All three of the company’s Austin-area carwashes are now under agreement to sell, company officials said.
“We are excited that we are continuing to sell our carwashes,” said Dennis Raefield, Mace CEO and president. “We previously announced that we signed an agreement to sell our other two carwashes in Austin, Texas, and with the completion of these two transactions, Mace will be completely out of this market.”
Mace has nine remaining Texas carwashes for sale. Six are in Arlington and Fort Worth, and three are in Lubbock.
The book value of the Austin carwash is approximately $2.6 million, Mace reported. The company expects to net just more than $3 million in cash from the sale, before paying off the location’s debt totaling $2.5 million. Mace said it will use sale proceeds from its other two Austin carwashes to pay down the debt.
No buyer was mentioned in the company’s press release.