FOR IMMEDIATE RELEASE
January
11, 1999 |
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PAC HOLDING COMPANY MERGES WITH PACE EDWARDS
Company led by Russ Stubbings Will Pursue Other Auto & Truck
Accessory Acquisitions
CENTRALIA, WA: Pace Edwards Corporation, a leading manufacturer and
marketer of tonneau covers for pickup trucks, today announced that
it merged with PAC Holdings Company, a Denver-based holding company.
Russell E. Stubbings and Prospect Partners, LLC formed PAC Holding
Company in late 1998. PAC Holding is focused on building a larger
automotive and truck accessories company through internal growth and
acquisition.
"We are excited about the opportunity to expand
on what we have built here. We are fortunate to have assembled an
excellent team that has made our success possible. Our connection
with PAC will give us additional opportunities to develop new products
and channels as well as to provide new challenges for our people."
said Marv Voss, president of Pace Edwards.
Pace Edwards will continue to operate from its facility in Centralia,
Washington. All of Pace Edwards current operating executives and
employees, including Mr. Voss and Vice President Tony Brooks, are
expected to remain. Mr. Voss (age 63) will remain in his current
position until his retirement at which time he will continue to
serve on the company’s board of directors. Founders and former
majority shareholders, Ed and Carlene Forcier remain as noteholders
to PAC Holdings.
Russell E. Stubbings, Chairman and CEO of PAC Holding, formerly
served as CEO of Deflecta-Shield Corporation and prior to that as
COO of Lund International, both NASDAQ-listed manufacturers and
marketers of aftermarket truck accessories. "We are very excited
about the opportunity to work with Pace Edwards. The people and
products at Pace impressed us throughout this transaction. We really
believe that Pace provides a platform to build a very special company
in this industry." commented Mr. Stubbings.
Prospect Partners, LLC manages a $105 million private equity fund
focused on financing management-led leveraged acquisitions and providing
growth capital for lower middle market businesses with niche strategies.
"Pace Edwards provides a tremendous platform for growth in
the auto and truck accessory industry. We believe that Russ Stubbings
and the Pace Edwards management team can capitalize on the company’s
products and channels," said Erik Maurer of Prospect Partners.
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