Saturday 21 July 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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