One51 eyes at least four acquisitions amid IPO plans
Published 03/04/2016 | 02:30
Plastics and environmental services group One51 is eyeing up at least four specific acquisition opportunities alongside its goal of achieving a stock market listing, the company's chief executive Alan Walsh has told potential investors.
The company is mulling plastics acquisitions in western Canada, the United States and continental Europe, as well as one or two bolt-on acquisitions to its environmental business.
One51 has previously guided that it sees its recent acquisition of a majority stake in Quebec-based IPL, which makes products like wheelie bins and food containers, as a platform for growth in North America.
Walsh told investors that One51 leads the environmental waste container market in Canada, the UK and Ireland, and that it wants to grow in that sector in the United States and continental Europe.
The company will shortly seek shareholder approval to proceed with a stock market listing, aiming to raise an as yet undetermined amount of capital to drive both organic and acquisition-led growth.
However, Walsh has emphasised that no definitive decision has been made as to whether to proceed with an IPO, which ultimately depends on market conditions, and "the company's interests and performance at that time."
Earlier in the week, the company announced a 32.4pc increase in full-year revenue for 2015, taking in €366m. Earnings before interest, depreciation, tax and amortisation (EBITDA) rose 67.1pc to €36.1m.
The year saw the company realise €51.8m in cash from its investment in renewable energy company NTR.
Sunday Indo Business