Mace Security International Inc. has sold its three Genie Car Wash facilities in Austin, Texas, for $8 million, the company announced. Mace will net $5.6 million in cash after closing costs and paying off related debt of $2.15 million. With the sales, Mace no longer operates any carwashes in the Austin market.
The company still owns seven carwash locations and leases another, all in Texas. One of those facilities has a pending sales contract, officials said.
As of Nov. 30, Mace’s debt position was under $3 million.
“Mace is almost debt free and in a much stronger financial position,” said Dennis Raefield, Mace’s CEO and president. “We are committed to executing our strategy of focusing on our core security business, exiting the carwash business and building a company for future growth.”
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