|FOR IMMEDIATE RELEASE
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.