The Company has grown significantly in the past year principally due to our new business plan of acquiring and operating car washes nationwide. The Company slowed its acquisition pace in the fourth quarter to effectively integrate its acquired car wash facilities and enhance its operating infrastructure.
Mace is confident that it is in a strong position for substantial growth in the car wash business.
The Company has recently announced that it has signed a definitive purchase agreement to acquire Wash Depot Holdings, Inc., an operator of 73 car washes in 15 states. At the completion of the Wash Depot transaction, Mace will be the largest car wash chain in the United States operating 134 car washes in 18 states. The addition Wash Depot's car wash locations and its experienced management staff will expedite our development of becoming a well-known provider of car care services throughout the United States. We believe that substantial synergistic opportunities will result from the critical mass of car wash facilities that will be owned by Mace at the completion of this transaction. Initial benefits are already being realized within our current car wash operation, which include reductions in overhead and in purchasing costs of cleansing products and equipment, as well as products sold in our ancillary profit centers.