Mangrove Equity takes stake in New York airfield maintenance firm
Mangrove Equity Partners in Tampa has partnered with the management of Hi-Lite Airfield Services on a management buyout. Financial terms were not disclosed. The deal will allow Hi-Lite, in Watertown, New York, to focus exclusively on its core business of airfield pavement maintenance services, a news release said. A former affiliate, Spec-Rite Systems, a data and software company, will spin off as a separately owned and operated entity. Mangrove raised $175 million for its third private equity fund in July. The company focuses on the lower middle market, with target companies typically earning between $2 million and $10 million of earnings before interest, taxes, depreciation and amortization.