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December 20, 2013
08:16 EDTMACEMace Security sells wholesale monitoring business to Security Partners
Mace Security is pleased to announce the divestiture of Mace CSSS, its wholesale monitoring business in a sale to Security Partners. The business was deemed by the board to be a non-core asset after a rigorous strategic review of priorities and holdings. Mace Security will continue to offer alarm dealers exclusive Mace programs and products through Security Partners. While precise terms of the sale are not being disclosed at this time, the company says that the sale will add well in excess of 10c per share of working capital to the balance sheet with the vast majority of it being cash. The balance of the purchase price will be in the form of notes receivable which will be paid out over the next eighteen months, with front-loaded payments. With the wholesale monitoring business now divested, the company does anticipate taking a one-time restructuring charge prior to the close of the calendar year. The charge relates to further non sales and marketing corporate reductions which the company expects will improve profitability in 2014.
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