DeWITT — Seal & Design, Inc., headquartered in the Buffalo area, has bought the assets of Higbee, Inc., a Syracuse–area manufacturer of gasket and sealing products. The cash deal, which closed on Aug. 31, also includes a consulting contract and non-compete agreement. The parties did not use a broker in the transaction. The […]
DeWITT — Seal & Design, Inc., headquartered in the Buffalo area, has bought the assets of Higbee, Inc., a Syracuse–area manufacturer of gasket and sealing products.
The cash deal, which closed on Aug. 31, also includes a consulting contract and non-compete agreement. The parties did not use a broker in the transaction.
The new corporate name is Seal & Design, Higbee Division.
“After 40 years in the business, I knew it was time to retire,” Larry Higbee, former president and stockholder of Higbee, Inc., says about the decision to sell. “There was no broker involved. Dean S. Penman [president of Seal & Design] and I talked for about three months before we came to an agreement. I think it’s a perfect fit for Dean, because our product line complements his, and he can offer more products to his existing clients.”
Higbee, Inc. was founded in 1932 by Higbee’s father Lyman. The company currently employs 47 people in a nearly 60,000-square-foot building at 6741 Thompson Road in DeWitt. Higbee has retained ownership of the building and leased the premises to Seal & Design for three years with a couple five-year options. Higbee, Inc. generates about $10 million in annual revenue.
Seal & Design was founded in 1989 by Penman’s father, Dean T. Penman. The company fabricates seals, gaskets, o-rings, and other die-cut products for the medical, automotive, aerospace, communications, electronics, pharmaceutical, and military sectors. Its headquarters is located in a 91,000-square-foot office, manufacturing, and distribution building in Clarence in Erie County.
In 2006, Seal & Design acquired Able O-Rings, a Canadian competitor which operates from a 15,000-square-foot plant in Toronto.
The acquisition by Seal & Design of Higbee brings the company’s total employment to more than 150 and combined sales in 2015 are projected to top $50 million.
The law firm of Bond, Schoeneck & King, PLLC and the accounting firm of Dermody, Burke & Brown, CPAs, LLC — both based in Syracuse — represented Higbee on the deal.
Larry Higbee says he is moving to Jacksonville, Florida.
