The new owners of a Swindon business are celebrating after successfully completing the region's first management buyout (MBO) of 2005 with the help of law firm Thring Townsend, chartered accountants Bentley Jennison, and Fusion Corporate Finance.

Managing Director, Alistair Kennedy, and Finance Director, Martyn Jones, have purchased Cadillac Plastic based in Westlea from GE Advanced Materials Speciality Film & Sheet (SF&S), which was part of the General Electric Company.

"The commitment of our advisers Thring Townsend, Bentley Jennison and Fusion Corporate Finance together with their enthusiasm and expertise, ensured that the deal was completed quickly and successfully," said Alistair Kennedy.

"Although we are now independent, we will continue to work closely with GE Advanced Materials SF&S, and distribute their products to customers across the UK and Ireland."

Alistair joined Cadillac Plastic as a salesman in 1981 when it was a start-up, and worked his way through the ranks before being appointed managing director in 200, the year after it was taken over by GE. Martyn joined the company in 1989 as financial controller.

Cadillac Plastic supplies high performance plastic films and adhesives to customers across the UK and Ireland in a wide range of sectors, including screen-printing, electronics and medical. It provides a wide range of products from manufacturers such as GE Advanced Materials SF&S, Dupont Teijin, 3M and Avery Dennison.

Cadillac Plastic has a turnover of £7m and employs 24 people.