CLEVELAND--(BUSINESS WIRE)--Mace Security International (OTCQX: MACE) and Washington Labs LLC announced today that they have finalized the agreement, originally announced on January 18th, 2017 to acquire Washington Labs. Per the agreement, Mace has acquired all of Washington Labs assets, rights and properties for an undisclosed sum of cash and stock. The transaction reinforces Mace’s brand position as a leader in the less lethal defense spray category throughout the world. Production and distribution will be integrated into Mace’s existing facility in Cleveland, Ohio, and the company will be adding additional staff to support expected growth. To insure an efficient transition, the company has hired John R. McVay to lead the sales and operations of Washington Labs. John has an abundance of experience in sales, marketing and operations and will be working closely with Larry Harris to integrate the companies and the implement our future growth and branding strategies.
The acquisition benefits Mace, its customers, partners and shareholders in several ways, including:
- An array of best in class products and services platforms
- Increased manufacturing synergies and efficiencies
- New product and category opportunities and partnerships
- New marketing and sales opportunities for all partners (multi-brand solutions)
The goal of the combined entity will be to grow the defense spray category by partnering with current customers on products, strategies and programs. “Having acquired Washington Labs, we are most excited about being able to offer dual-brand solutions and products to our customers,” stated John McCann, President and Chief Executive Officer of Mace Security International.
Barring any unforeseen circumstances not uncovered during the thorough due diligence process, we expect this transaction to be immediately accretive to earnings and should provide additional impetus to our drive to grow both revenues and earnings.
About Mace Security International, Inc.
Mace Security International, Inc. is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the Company has spent more than 40 years designing, manufacturing, and distributing consumer and tactical products for personal defense, security and surveillance under its world-renowned Mace® Brand – the original trusted brand of pepper spray products. The Company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® and Take Down® brands.
Mace Security International distributes and supports Mace® Brand products and services through mass-market retailers, wholesale distributors, independent dealers, e-commerce marketers and installation service providers. For more information, please visit www.mace.com.
Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “projected,” “intend to” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to economic conditions, dependence on management, our ability to compete with competitors, dilution to shareholders, and limited capital resources.