The Directors of Jablite and Styropack have successfully completed a management buyout of two leading UK EPS (expanded polystyrene) businesses. The move creates a new company that is the largest EPS manufacturer in the UK.
Managing Director and new joint owner, Richard Lee, said today: “This is a really exciting day for myself and my fellow Directors. Following negotiations with the Synbra Group, our previous owner, we are all proud new owners of the UK’s largest EPS manufacturer and two extremely successful brands.
“I never imagined as a 17 year old starting work as a machine operator at Styropack in West Sussex I would eventually end up owning the business and its sister company 28 years later!”
The new business is owned by Richard Lee, Managing Director, Ken Hutchins, Finance Director, Wayne Brown, Operations Director, John Colley, the new Chairman, who was a non-Executive Director and funds advised by Mobeus Equity Partners.
Jablite and Styropack would like to assure all their customers and suppliers that this is a ‘business as usual’ situation, businesses will experience no administrative changes in their dealings with Jablite and Styropack.
However, you can expect to see a ‘gradual revolution’ as the new owners take charge and start working to build a customer-driven business that dominates the UK EPS manufacturing environment and that extends the EPS marketplace.
Jablite and Styropack are both extremely successful, well respected brands and are already leaders in the insulation and packaging sectors in the UK. The Directors plan to build on this strength to increase their market share through a carefully-defined strategy of innovation, excellence and outstanding customer service.
Richard Lee explains: “Be in no doubt, we are absolutely determined to grow our new company into a larger, thriving business whose products are always the first choice for insulation and packaging in the UK.”
The equity partner for this management buyout is Mobeus Equity Partners, a leading provider of finance to SMEs (small or medium-sized enterprises) in the UK. Mobeus are known for their commitment to long term investment with their partners and their involvement in the project is a testament to the health of both businesses and the calibre of the Board of Directors.
The employees of Jablite and Styropack have been informed and are poised to play their own part in the success of this newly formed company.