Marriott Harrison advised Mobeus Equity Partners on its provision of a combined debt and equity package to support the management buyout of two leading UK expanded polystyrene (EPS) businesses out of the Synbra Group:
- Jablite – the UK’s largest producer of EPS products used by the construction industry to enable buildings to meet ever more stringent environmental standards for insulation; and
- Styropack – the leading UK brand in EPS packaging for the fish, horticultural and white goods industries.
Mobeus has backed an experienced and successful management team, led by CEO Richard Lee, who started work in the business as a 17 year old in the Styropack business and 29 years later has been able to realise his ambition to buy the business. The acquisitions create a new company that is the largest EPS manufacturer in the UK, with combined annual sales in excess of £40m and 140 employees across the UK.
Richard Babington, Investment Director at Mobeus commented: “This was a particularly complex transaction in terms of its structure, and Jonathan and his team were highly professional and very responsive to ensuring this investment completed”.
Jonathan Leigh-Hunt (Corporate partner) led the Marriott Harrison team, comprising Jon Sweet (Corporate Partner), Duncan Innes (Corporate Partner), Bob Cordran (Employment partner), Hugh Gardner (Finance Partner), Mark Lavers (Real Estate Partner) and associates Fran Spooner (Corporate), David Bettis (Corporate), Lindsey Armstrong (Corporate), Abbey Wiggett (Real Estate), Oliver Bett (Commercial/TMT) and Aiden Burke (IP).