PAC Holding Company

FOR IMMEDIATE RELEASE
August 2, 1999
 

 

PAC HOLDING COMPANY MERGES WITH WINGS WEST
Company Led by Russ Stubbings Broadens Reach Through Auto & Truck Accessory Acquisition

Newport Beach, CA: August 2, 1999…Wings West, Inc., a leading manufacturer and marketer of body styling kits for cars and trucks, today announced that it merged with PAC Holding Company of Denver. Formed in late 1998 by Russell E. Stubbings and Prospect Partners, PAC first acquired Pace Edwards Company, a manufacturer of retractable tonneau covers, in January 1999. Wings West and Pace Edwards provide a base on which to build 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 relationship with PAC will allow us to capitalize on the momentum that has been building in our business," said the founders of Wings West.

Wings West will continue to operate from its facilities in Costa Mesa and Newport Beach, CA. All of Wings West’s operating executives and employees will continue in their current capacities. Specifically, Bill Longfellow will continue to lead the design effort, Ernie Bunnell will direct sales and marketing, and Mike Maffei will oversee manufacturing. The three partners of Wings West will also continue as shareholders in the combined company.

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 Wings West. The people at Wings West impressed us throughout this transaction with their energy, creativity, and focus on quality. We really believe that Wings West broadens our platform on which 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. "Wings West provides an opportunity to work with a dynamic management team in a fast growing segment of the auto and truck accessory industry," said Erik Maurer of Prospect Partners.

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