One51 sells ClearCircle business for €29.75m
One51, the Irish plastics and environmental services group, has finalised the sale of its ClearCircle environmental business. It sold the business for a total consideration of €29.75m.
Under the terms of the transaction, One51 is disposing of a 75pc interest in ClearCircle for an upfront cash consideration of €22.25m.
The Irish Independent understands that the sale of the company is actually a buyout by the ClearCircle Ireland management. One51 will continue to control ClearCircle UK. However, it is understood that there are plans to sell ClearCircle UK.
In 2016 ClearCircle (Ireland and the UK) posted revenue of €102.8m, with earnings before interest, taxation, depreciation, and amortisation of €10.3m.
The disposal of ClearCircle Ireland marks One51's exit from the Irish environmental services sector as the group focuses on the development of its global plastics business.
One51's single biggest shareholder is financier Dermot Desmond. Other One51 shareholders include beef baron Larry Goodman, as well as co-ops Kerry, Dairygold and Lakelands. Alan Walsh is the company's chief executive.