TOWN OF WATERTOWN, N.Y. (WWNY) - Sold, but not leaving Jefferson County. The company Hi-Lite Airfield Services has been bought by a Florida based private equity firm. It could mean more jobs.
Shaw Harbor Holdings Chief Financial Officer Theo Misiewicz says it was the right time to sell Hi-Lite Airfield Services.
He says the goal of growing one of Hi-Lite's affiliates, Spec-Rite Systems, is why the deal for Hi-Lite was made.
"We were holding it back by developing Spec-Rite. So, it was a good time to split," he said.
Mangrove Equity Partners out of Tampa Florida closed on its purchase of Hi-Lite in December.
Hi-Lite President Chris Miller says the sale will allow the company to grow.
So instead of cutting jobs, Miller says the company plans to add more in the next five years.
"And it can be as many as 40 people we're looking at as far as a growth," she said.
According to Miller, the sale of Hi-Lite won't have the company leaving Jefferson County. But, they have moved their headquarter to their facilities on route 12F.
Misiewicz says Spec-Rite will be moving into Hi-Lite's old headquarters in Adams Center by the end of February.
And he says Spec-Rite is looking to grow too.
"It will be a year or two before we hit a real growth curve," said Misiewicz.
Spec-Rite President and Chief Executive Officer John McNeely was unavailable for comment.
We reached out to Mangrove Equity Partners for statement, but have not received one yet.