Wednesday 21 February 2018

Coulson's Ardagh planning €1bn US float before 2013

Nick Webb

Nick Webb

PAUL Coulson's €1bn-valued Ardagh could float on US stock markets in the next two years, according to market sources, potentially making the Shrewsbury Road homeowner one of the State's richest people.

Mr Coulson -- nicknamed "the Cooler" -- owns about 34 per cent of Ardagh, which last week announced a deal to buy tin can-maker Impress for €1.7bn -- the biggest Irish corporate deal for nearly two years, excluding bank bailouts.

Ardagh's buyout of Impress creates a massive player on the world glass and packaging market, producing bottles for Coca-Cola, cans for John West and paint tins for Crown.

It also makes Mr Coulson's inner circle increasingly wealthy. The Cooler's stake could be worth up to €340m, with Ardagh managing director Niall Wall holding a €90m stake.

Ardagh plans to raise €1.7bn through corporate bond markets to fund the deal, which will completely transform the former Irish Glass Bottle company, which has effectively doubled its size twice in just four years. The enlarged business will have sales of €3bn, with profits of about €540m, per year.

Any IPO would not mark an exit for Mr Coulson and his management team, as it would be used to raise money for further expansion.

Sunday Independent

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