Group managing director Richard Clynes led the acquisition of the £40m-turnover business, which supplies a wide array of sectors including the caravan, off-highway vehicle and sanitary ware markets.

HSBC and Hull law firm Andrew Jackson advised the buyout team. A private investor – whom Mr Clynes declined to name – assisted with the acquisition of the group for an undisclosed sum.

Thompson Plastics Group employs 560 people at its head office and production site in Hessle and at four other manufacturing sites across the UK. It makes exterior panels, washrooms and shower cubicles and has international clients including aircraft interior suppliers, sign makers and industrial product manufacturers.

Established in 1977, it incorporates Thompson Plastics (Hull) Ltd, Plastics (Manchester) Ltd, Thompson Technik (Hessle) Ltd, Thompson Technik (Newcastle) Ltd and Thompson Technik (Bridgend) Ltd.

Mr Clynes, who joined Thompson Plastics in 1994, said: "For 30 years Thompson Plastics has been a driving force in plastics technology and product innovation.

"As a management team we've been instrumental in the development of the business. Now, as the new owners, we are delighted to have this exciting opportunity to really build on the group's successes."

The MBO team included group sales and marketing director Steve Holwell, director and general manager Steve Parkinson, group technical director John Watkins and financial director Nabiel Khan.

Previous owner and co-founder Andrew Eavis, who has been chairman for the last 14 years, will take on a consultancy role with the business.

He said: "At over 60, I have other interests to pursue before I get too old. I pass the business to young energetic friends who have years of experience in the company. The investors bring extra strength to the company."

Mr Clynes said the buyout would enable the business to focus on excellence in customer service and improve on its operational performance.

He said the group had a £500,000 investment programme for this financial year to be spent on improvements to productivity at the Hull and Newcastle sites.

Thompson uses different processes, including thermoforming and twin-sheet forming, to manufacture its durable plastic products.

According to documents filed at Companies House, Thompson Plastics Group Ltd made an after- tax profit of around £73,000 in 2007, up from around £40,000 the previous year.

Mr Clynes said the group was set to make a profit of around £500,000 for the most recent financial year ending March 2008.