One51 sells Irish environmental services business for €29.75m
One Fifty One, a rigid plastics manufacturer for the packaging, environmental containers and industrial products sectors, today announced that it has completed the disposal of its ClearCircle environmental 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.
Independent.ie understands that the sale of the company is actually a buyout from the ClearCircle Ireland management.
One Fifty One will continue to control ClearCircle UK, however it is understood that there are plans to sell the ClearCircle UK in the future.
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 continued development of its global plastics business.