Saturday 19 January 2019

One51 prepares ground for name change to IPL Plastics

Alan Walsh of One51
Alan Walsh of One51

Gretchen Friemann

One51, is considering rebranding the company to IPL Plastics, as it plots a wider corporate reorganisation ahead of a possible initial public offering.

It is understood the company has discussed the name change with shareholders and analysts in recent days.

A spokesperson for One51 declined to comment.

The mooted rebranding comes as the plastics manufacturer again swings into the crosshairs of the UK private equity firm, CapVest.

The buyout group, led by Cavan entrepreneur Seamus Fitzpatrick, has reportedly launched a second tilt at One51, which is run by Alan Walsh.

However the company this week insisted its planned restructure and IPO remains the best way for shareholders to secure the maximum value.

IBI has been drafted into advise One51 on the corporate reorganisation.

The overhaul is likely to result in One51's Canadian shareholders lifting their direct stake in the business to up to 40pc, which would then pave the way for a stock market listing in Toronto and Dublin

One51's main business is now a two-thirds stake in North American plastics manufacturer IPL.

It is understood the company will remain headquartered in Dublin after the IPO.

One51 has already begun a process to engage with shareholders on the proposed corporate reorganisation and intends to float the company within the next 12-18 months.

Under the overhaul the Canadians will increase their shareholding in One51.

As a result, current One51 shareholders will see their stake diluted, but the company will, in turn, own the US subsidiary IPL outright.

IPL now accounts for around 80pc of One51 revenue.

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