Thu, 21 Nov 2024 | MBO/MBI
Gateshead-based plastics group Omega Plastics Group has undergone a management buy-out.
Omega is an injection moulding business specialising in the industrial and technical, filtration, automotive, medical, and FMCG sectors. Its clients include Unilever for which it has helped create a tea-brewing machine.
In the past five years, it has seen rapid growth, increasing its turnover from £10 million to £15 million. It has also pushed up the number of its moulding machines from 20 to 30.
Existing shareholder Dave Crone, who has been with the company since 2003, led the buyout buying the shares of investor and former majority shareholder Chris Thompson, as well as former chief executive and current executive chair Craig Swinhoe.
Crone will take on the role of group managing director and will lead the group alongside fellow new shareholders Gary Owen, group finance director, and Ian Mallett, group operations director.
Crone said: "This is the first time Omega has been fully owned by those who work within it, and that makes this transition even more significant. It's an exciting time for us, and our renewed focus on growth and innovation is strengthened by the full commitment of our leadership team to the group’s future."
Omega Plastics was originally set up as a joint venture with Omega Plastics Inc. in 1998. In 2006, Chris Thompson and Dave Crone acquired the business.
Under their leadership, Omega expanded from Gateshead to Blyth in 2007, set up a Hartlepool facility in 2012, and made a significant acquisition of Signal Plastics in 2015. This expansion was followed by a relocation of Signal to new premises in 2016, and the consolidation of Omega Plastics’ operations back to Gateshead in 2019.
Thompson said: "I'm really proud of everything we've accomplished over the last 18 years and our impact on the local economy. Now, as I hand things over to Dave, who has been a vital part of the business from the start, I feel this is the right time for the change.”
Craig Swinhoe will leave Omega to join Express Engineering as chief business officer at the end of December.
Omega Plastics Group and the MBO team received legal advice from Adam Rayner and Georgia Sproat at Muckle LLP while tax advice was provided by David Baggaley and Stephen Harris at Clive Owen.
Find out more about the growing popularity of management buy-outs
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