Omega Plastics Group is excited to announce that its management team, led by existing shareholder Dave Crone, has successfully completed a Management Buyout (MBO), buying out investor and former majority shareholder Chris Thompson, as well as former Chief Executive Officer and current Executive Chair, Craig Swinhoe.
As part of the management buyout, Dave Crone assumes 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.
Additionally, the group has secured new funding arrangements, ensuring Omega is well-positioned to tackle market challenges and future growth opportunities. Omega Plastics Group remains dedicated to delivering high quality injection moulding solutions across various sectors, including industrial and technical, filtration, automotive, medical, and FMCG.
A New Chapter
As part of the MBO, Dave, who has been with Omega since 2003, steps back into the role of Group Managing Director, taking the reins alongside Gary Owen and Ian Mallett. The buyout provides the group with a new ownership structure that gives the leadership team a direct stake in the group’s future, creating a clear path forward for growth, innovation, and continued customer-focused excellence.
Dave Crone, the new majority shareholder and Group Managing Director, commented:
“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.”
He added, “I want to congratulate Ian and Gary on becoming shareholders and co-owners alongside me. This reflects their confidence in the group’s future and commitment to its continued success. We are passionate about what we believe we can achieve together. The injection moulding sector has faced some challenges over the past year, but we are confident that with our new succession plan, a committed and invested management team, and fresh funding in place, we are well-positioned to tackle these challenges head-on.”
Pride in Omega’s Journey
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, laying the foundation for the group’s strong growth trajectory. 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.
Chris Thompson, expressed his pride in the group’s journey, saying:
“I’m really proud of everything we’ve accomplished over the last 18 years, and winning the North East Company of the Year award in 2017 was definitely one of the highlights. It showed how far we’ve come in terms of growth, innovation, 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. I’m confident that under the new leadership, the group will continue to thrive and keep growing in the future.”
Continued Growth Through Pandemic
Over the past five years, Omega’s turnover has grown from £10m to £15m annually, including two record-breaking years during the COVID-19 pandemic. The group also expanded its capacity, increasing the number of moulding machines from 20 to 30.
Craig Swinhoe, who will leave Omega to join Express Engineering as Chief Business Officer at the end of December, reflected on his time at Omega and the Management Buyout (MBO):
“I joined Omega in 2019 to work alongside Dave and Chris on a five-year plan to grow the business, and I’m incredibly proud of what we’ve achieved. Despite challenges like the pandemic, semiconductor shortages, and supply chain disruptions, we’ve seen remarkable growth.”
He added, “I’ve seen first-hand how dedicated and resilient the management and wider team is. Dave’s leadership has been key to this success, and the MBO marks an exciting new chapter in Omega’s succession plan. It’s a fantastic opportunity for Dave to take majority ownership, with Gary and Ian also becoming shareholders. It’s been a privilege to be part of this journey, and I’m confident that under their leadership, Omega will continue to deliver outstanding solutions to its customers.”
A New Leadership Team and Exciting Future
Omega is excited to announce its new leadership team, which will include Dave Crone as Group Managing Director, Gary Owen as Group Finance Director, Ian Mallett as Group Operations Director, and a soon-to-be-appointed Sales and Commercial Director.
Gary, who joined Omega in May 2020, has played a pivotal role in guiding the group through the challenges of the COVID-19 pandemic and other market disruptions. His expertise in financial management and strategic planning has been essential in ensuring Omega’s continued success. Gary will maintain oversight of the group’s financial stability, including finance, payroll, purchasing, IT, HR, property, and legal affairs.
Ian, who joined Omega in September 2023, has already made a significant impact. Ian will move from Managing Director of Signal Plastics to Group Operations Director, and will oversee all moulding and tooling operations, quality, health and safety, and facilities management. His leadership will be crucial as Omega works to achieve operational excellence, improve efficiency, and drive innovation in the competitive injection moulding and manufacturing sectors.
As part of the MBO, Omega will also be recruiting a new Sales and Commercial Director. This individual will lead business development, sales, estimating, and account management, ensuring that Omega’s capabilities are maximised across all sectors, strengthening its position for continued growth and success.
Omega will also introduce a share option scheme for its Heads of Departments. This initiative aligns the leadership team’s interests with the long-term goals of the group, offering them a stake in Omega’s future success.
Gary Owen shared his thoughts on Omega’s future:
“The best asset at OPG is its people. The combination of skill, passion, and determination across the group enables us to deliver high-quality service to our growing customer base. Despite the challenges of the past few years, we’ve learned, become stronger, and are eager to apply those lessons as we expand into new sectors, creating more opportunities within the region.”
He added, “The MBO will provide a clear vision for the future, which we can share with all colleagues, driving us toward a common goal. The share option scheme is a fantastic opportunity for our senior leadership team to have a vested interest in the group’s continued success.”
Ian Mallett, added:
“When I first joined Omega, I was struck by the group’s guiding principles and its commitment to providing high-quality service. To be part of this management buyout and contribute to Omega’s future success is a real privilege. The group has achieved so much over the years, and I’m excited to play my part in shaping its future direction. The team’s focus on growth, innovation, and customer satisfaction is unwavering, and I look forward to helping lead Omega through this next chapter.”
He added, “Our customer-centric approach is at the heart of everything we do. We don’t just see ourselves as a subcontractor; we strive to be a true partner in the product development process. From Design for Manufacture through to tooling, moulding, assembly, and validation, we work closely with our customers to deliver tailored solutions that meet their specific needs and challenges.”
Dave Crone concluded:
“This MBO marks a significant new chapter for Omega Plastics Group. Going forward, we will continue to focus on what we do best – meeting our customers’ needs and delivering exceptional service. By becoming more agile in our decision-making and operations, we will be better positioned to respond to market changes and customer demands. Gary, Ian, and I are committed to maintaining the strong sense of teamwork and positive culture that has been central to our success over the past 20 years. We are incredibly grateful to the entire team at Omega, as well as our valued customers and suppliers, for their dedication and support. We hope to continue building on these relationships, ensuring that everyone involved enjoys the experience of working with and at Omega Plastics Group.”
Omega Plastics Group and the MBO team were supported throughout the process by a number of key advisors. Legal advice was provided by Adam Rayner and Georgia Sproat at Muckle LLP, while tax advice was provided by David Baggaley and Stephen Harris at Clive Owen. The team also received funding support from James Clinghan at TBP and John Turnbull and Chris McGrath at Lloyds Bank. Omega would like to thank all those involved for their invaluable contributions during this important milestone.
