Mace Security International Inc. (Nasdaq: MACE) on Friday sold its Arizona Car Wash Region to an undisclosed buyer for $19.25 million in cash.
The net proceeds would be used to pay down debts associated with its Arizona car washes totaling approximately $9.6 million. Once the deal has been completed, the firmâ€™s total debt would be reduced to $14.5 million from $24.5 million. The transaction is expected to close within 6 months.
The Mt Laurel, NJ.-based firm said it sold the car wash facilities $2.25 million above book value.
Mace is a manufacturer of electronic surveillance and personal defense products. It also operates and owns car and truck wash facilities. In December 2004, the firm announced that it would sell its car wash business and focus on its manufacturing operation.
Mace shares rose 15 cents or 6.22 percent to close at $2.56 in Friday trading on the Nasdaq exchange.