|FOR IMMEDIATE RELEASE
PACE EDWARDS COMPANY ACQUIRES LTD ACCESSORIES
Company led by Russ Stubbings Expands Product Offering Through
Auto & Truck Accessory Acquisition
Centralia, WA: November 19, 1999: Pace Edwards Company, a wholly-owned
subsidiary of PAC Holding Company, today announced that it acquired
LTD Accessories of Phoenix, AZ. Formed in late 1998 by Russell E.
Stubbings and Prospect Partners, PAC first acquired Pace Edwards Company,
the country’s leading manufacturer of retractable tonneau covers,
in January 1999. The acquisition of LTD Accessories, with its products
Shelf-It and Rifle-It, provides additional product for Pace Edwards
to sell to its existing customer base. The Shelf-It and Rifle-It product
can be attached to the existing visor holes in mini-vans, sport utility
vehicles, and pick-up trucks for additional overhead storage.
“We are excited about the opportunity to expand our line
with the addition of such a quality product,” said Russell
E. Stubbings, CEO of PAC Holding Company.
The marketing and product management for the LTD Accessories brands
will be relocated to the Pace Edwards facility in Centralia, WA.
In addition to Pace Edwards, PAC Holding owns Wings West, Inc. of
Newport Beach, CA. Wings West is a leading manufacturer of body
styling kits for import sport performance cars.
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.
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.
“LTD Accessories provides our companies with the ability to
broaden their relationships with existing customers,” said
Erik Maurer of Prospect Partners.