One51 looking at IPO in two years after €200m acquisition
Irish investments company One51 is on the path to an IPO in as little as two years after announcing a "transformative" €200m investment, according to the company's CEO.
Alan Walsh, who heads up the Dublin-based firm, also said that One51 is now looking at acquisitions in Ireland and the UK to fit in with the environmental side of its portfolio.
Yesterday One51 announced that it is to acquire a majority stake in IPL, a Canadian producer of injection-molded plastic products, for just over €200m. IPL currently employs 800 people across three plants in Canada and the US. It is being bought from Canadian private equity firm Novocap and Fonds de solidarite FTQ, a labour-sponsored fund which supports investment in Quebec.
The purchase will nearly double One51's group revenue from €276m to €450m and will give it a foothold in the huge North American plastics market. The acquisition, which is expected to close by the end of July, will be financed by a mixture of debt and equity. The deal gives One51, whose main interests are in plastics and environmental businesses, a 67pc controlling stake in the firm.
Speaking to the Irish Independent, Mr Walsh said the company is now looking to expand the environmental side of its business as it looks to integrate IPL into the plastics side of its operations.
"The IPL deal is transformative [and now] we want to scale up both sides of our business. IPL did it for the plastics and we want do it for the ClearCircle [Environmental] side of our business as well. We would be looking much closer to home for that," he said. "We are looking at a few possible acquisitions in Ireland and the UK."
He added: "A key strategic focus is a proper liquidity event of One51 over the next few years. Obviously an IPO is one possible option [and] everything we are doing is working towards that goal. I think it could be within two years. It's not that far down the line. We need to look at a liquidity event from a shareholder perspective and maximise shareholder value."
He said that the firm would be looking at a dual listing in Ireland and the UK, saying that he was unsure which would be the junior and senior listing.