The deal also includes sister company Styropack, the packaging firm, to create the UK’s largest expanded polystyrene (EPS) manufacturer.
Jablite and Styropack were previously owned by the Netherlands-based Synbra Group.
The new business is owned by managing director Richard Lee, finance director Ken Hutchins, operations director Wayne Brown and chairman John Colley, along with funds advised by Mobeus Equity Partners.
Richard Lee joined Styropak as a 17-year-old on the shop floor and worked his way up to become managing director of both firms in 2011.
He said: “This is a really exciting day for myself and my fellow directors. Following negotiations with the Synbra Group, our previous owner, we are all proud new owners of the UK’s largest EPS manufacturer and two extremely successful brands.
“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.”