Investec's McCarthy joins IPL Plastics to lead acquisitions strategy
IPL Plastics, the Irish company with a listing in Canada, has appointed former Investec director Conor McCarthy as corporate development director.
His main responsibility will be to oversee mergers and acquisitions activity at the company, which was previously known as One51.
As previously reported in Sunday Independent, IPL is understood to be planning a large European acquisition. McCarthy was director of corporate finance at Investec, where he had worked since 2002. South African-headquartered Investec has been in talks about selling the Irish business and came close to a deal with AIB earlier in the year.
IPL Plastics -headed up by CEO Alan Walsh - has also appointed Canadian man Denis Desaulnier as HR director and Martha Riveros as chief operating officer of North America.
IPL raised CA$191.7m from its flotation on the Toronto Stock Exchange in June. Irish shareholders who remained with the company when it floated received new shares in IPL Plastics in return for their old stock. Six months after the stock market listing, which is in late December, these B-class shares will convert and can be traded in Canada.
IPL held talks with a number of large European plastics companies earlier in the year, but potential takeover activity was put on hold during the IPO process.
The company entered the North American market through the majority purchase of Canadian packaging company IPL in 2015. It has since acquired a number of businesses in that market.
While IPL's focus has shifted towards North America - both through the listing and acquisitions - it is understood it plans to significantly build up European operations in the short term.
Sunday Indo Business