The directors of Jablite and Styropack have completed a management buyout of the two businesses to create the largest manufacturer of EPS (expanded polystyrene) in the UK.
Richard Lee, managing director of Jablite, joined with fellow bosses and equity partner Modeus to purchase the business from former owner, the Synbra Group, for œ26m.
Mr. Lee said: “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!
“This is a really exciting day for myself and my fellow directors.”
The ownership of the business will be split 60:40, with Mobeus holding the smaller portion and the remaining stake to be divided between Mr. Lee; finance director, Ken Hutchins; operations director, Wayne Brown; and new chairman, John Colley.
Both Jablite and Styropack have assured their customers and suppliers that this change will not impact daily operations, calling it a ‘business as usual’ situation. However, the new owners are intent on driving a ‘gradual revolution’ to build a customer-driven business that dominates the UK EPS manufacturing environment.
Mr. Lee said: “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.”
