Saturday 21 October 2017

One51 sells UK arm for €18m to complete exit strategy

 

One51, the Irish plastics and environmental services group, has sold the UK arm of its ClearCircle environmental business for £16m (€18.8m). Stock photo
One51, the Irish plastics and environmental services group, has sold the UK arm of its ClearCircle environmental business for £16m (€18.8m). Stock photo

Simon Rowe

One51, the Irish plastics and environmental services group, has sold the UK arm of its ClearCircle environmental business for £16m (€18.8m).

The sale, in tandem with the disposal of ClearCircle Ireland last month, completes One51's exit from the environmental services sector as the group focuses on its core plastics business.

When combined with last month's disposal of its 75pc interest in ClearCircle Ireland, One51 has raked in €48.5m.

ClearCircle UK, which was sold to an entity controlled by North Edge Capital LLP, comprises Future Industrial Services, a hazardous waste management and industrial services firm.

"Under the terms of the transaction, One51 is disposing of a 100pc interest in ClearCircle UK for an upfront cash consideration of STG£16m," said a company statement.

In 2016, ClearCircle (Ireland and the UK) posted revenue of €102.8m, and ebitda of €10.3m.

One51's single biggest shareholder is financier Dermot Desmond. Other shareholders include beef baron Larry Goodman, as well as co-ops Kerry, Dairygold and Lakelands. Alan Walsh is chief executive.

Sunday Indo Business

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