National law firm Shoosmiths has advised the management team on the £5 million investment by Mobeus Equity Partners to support the management buyout of Jablite Limited and Styropack (UK) Limited from the Synbra Group.
Jablite is the UK's leading producer of expanded polystyrene (EPS) products used by the construction industry to enable buildings to meet ever more stringent environmental standards for insulation; and Styropack is the leading UK brand in EPS packaging for the fish, horticultural and white goods industries.
The new business is owned by Richard Lee, managing director, Ken Hutchins, finance director, Wayne Brown, operations director, John Colley, the new chairman (previously a non-executive director) and funds managed by Mobeus Equity Partners.
Corporate partner, Sanjeev Sharma advised on the deal with assistance from associate, Claire Checketts, and trainee solicitor, Aleksandr Bosch. As part of the wider transaction, Shoosmiths' corporate team was assisted by partner Alex Jones and senior associate Brian Hession (real estate) on a sale and leaseback of property and partner Heather Chandler, partner Kate Featherstone and solicitor Jo Davies provided pensions, tax and commercial advice, respectively.
Richard Lee, chief executive of Jablite and Styropack, said: 'I started working at Styropack when I was 17 and nearly thirty years later this deal means I am now a co-owner and managing director of the largest EPS supplier in the UK. I and the rest of the management team have forged a great partnership with Mobeus and expect this to help drive our new business going forward.
'Shoosmiths has also impressed us with their high standard of client service and expertise. With so much experience in this area, Sanjeev and his team were the obvious choice for us, to guide us through this transaction.'
Sanjeev Sharma, corporate partner at Shoosmiths, said: 'We were very pleased to be instructed to work with Richard and the rest of the management team. It is an exciting time for all parties and we wish them every success.'
This new business is the largest EPS manufacturer in the UK, with combined annual sales in excess of £40m and 140 UK employees.
The Shoosmiths national corporate team has recently been placed second by deal volume in Experian's UK Deal Review and Advisor League Table.