Business Irish

Friday 19 October 2018

One51 bid won't derail restructure

One51 chief executive Alan Walsh
One51 chief executive Alan Walsh

Gretchen Friemann

Plastics group One51 intends to press ahead with a proposed corporate reorganisation despite a recent takeover offer for the company from CapVest, a private equity firm led by Irish financier Seamus FitzPatrick.

One51, led by chief executive Alan Walsh, unveiled the restructure to shareholders last month as part of a strategy to streamline the business ahead of a planned initial public offering in Dublin and Toronto.

Under the reorganisation two Canadian stakeholders would gain a combined 41.74pc stake in the plastics group. Quebec-based Caisse de Dépôt et Placement du Québec (CDPQ), which already controls a direct holding in One51, and Fonds de Solidarité, together control 33pc of the group's Canadian subsidiary, IPL.

The restructure proposed to convert the holding in IPL into a direct equity stake in One51.

A rebranding to IPL Plastics was also in the works.

Last week's €2.50 a share bid from CapVest's changed the game plan. Yet while One51 may ultimately fall into private equity ownership, shareholder sources said the company will pursue a restructure ahead of either a private sale or an IPO.

Irish Independent

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