Mace Security International, a manufacturer of electronic surveillance and personal protection solutions, announced Wednesday that it has completed a multimillion financing deal led by The Ancora Group, which is based in Cleveland, Ohio.
According to a statement, The Ancora Group and its investment partner, Merlin Partners LLC, will now have a 35 percent ownership stake in the company.
In addition, Ancora Group Chairman Richard Barone has been elected as the new chairman of Mace. Barone was elected to the Mace board in 2009 to help resolve a variety of problems the company was facing at the time including the purchase of unrelated businesses such as car washes and an internet marketing company.
"During the past two years we have resolved all of these issues. We are no longer in the car wash or internet business. We have settled all matters which could affect our balance sheet," Barone said in the statement. "Our two remaining divisions, wholesale remote monitoring of homes and warehouses and pepper spray security products, are doing well. The recently completed financing provides Mace with the financial strength to grow its personal defense product lines"
Denis Amato, chief investment officer at Ancora and Larry Pollock, managing partner of Lucky Star Partners and former president of Cole National have also been elected to the Mace board.