Alba Enterprises sees growth with new investor

Plastics industry veteran and consultant Richard Oles now has a 50 percent interest in Alba Enterprises LLC, and he became the company's CEO and president Nov. 1.

The deal is the result of Oles merging his consulting business with Alba.

John Dineen continues as Alba's chief financial officer and owns the other 50 percent. Dineen acquired Alba in December 2013 and had served as president.

Torrance, Calif.-based Alba distributes Cronoplast SL's Babyplast micro injection molding machines, Vega srl mold hydraulic cylinders, Alba-brand Quick Knockout Couplers and Alba-developed peripherals and mold components.

"We are seeking a fourth main product line to complement our current structure," Oles said.

"From the day I met Rich in May of 2015 [at NPE], I thought he was exactly the type of leader Alba needed," Dineen said in a news release. "Now he and I have found a way to merge our businesses."

Dineen and Oles had more detailed conversations at NPE2018 in May in Orlando, Fla. "My consulting company was growing so fast I needed to make a change," Oles said in an interview.

In June, they discussed a possible transition and merger.

For a period, Oles served as acting CEO until his deal with Dineen was completed in November. Terms were not disclosed.

Oles is based in Montrose, Colo., and intends to remain there while traveling extensively.

"John is still physically present in Torrance while, in the initial stages, I go out and generate sales in California and all over North America," Oles said. He will focus on client relationships.

Alba has 15 employees supporting its North American operations and leases 3,900 square feet in a facility that offers room for expansion as needed.

In October 2017, Alba moved to Torrance from its longtime home in Rancho Cucamonga, Calif., to improve proximity to Los Angeles International Airport for clients traveling to the plant for samples and training and for shorter commuting distances for many employees.

Oles, 52, has 33 years of experience in the tooling, injection molding and hot runner industries.

He started as a journeyman mold maker, served as North American CEO and president for the Unitemp SA subsidiary Softline Corp., then at PSG Plastic Service GmbH's North American operations, both from the same facility in Stevensville, Mich.

Next, he was director of molding for Stone Plastics & Manufacturing in Zeeland, Mich.

At NPE2015, Oles launched his Michigan-based consultancy ROI Rich Oles Industries LLC and, simultaneously, became the Midwest distributor for heating element, thermal sensor and control technology firm Hotset GmbH of Lüdenscheid, Germany, through its Hotset America Corp.

Dineen, 60, came to the plastics industry with a finance background.

He specialized in securitized products in finance during two decades in New York with Lehman Bros., Goldman Sachs and Deutsche Bank. From 2008-2012, he was involved with a startup consumer products company that was focused on early childhood learning.

Earlier, Dineen was a mariner with the U.S. Merchant Marine fleet from 1976-1984 achieving status as a licensed tug-boat mate.

The charismatic Tony Brusca founded Alba Enterprises in 1980 and operated the business until his death in October 2012.