PAC Holding Company

FOR IMMEDIATE RELEASE
January 11, 1999
 

 

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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