Saturday 24 March 2018

One51 splashes out over €200m on Canadian plastics company

One51 chief executive Alan Walsh
One51 chief executive Alan Walsh newsdesk

Irish investment company One51 has announced that it is to acquire a majority stake in IPL, a producer of injection-molded plastic products, for €201m.

One51, which was founded by Philip Lynch, said that the purchase would immediately increase group revenue from €276m to €450m. It added that it will "significantly increase One51’s international reach while providing it with a platform for future growth in North America".

Founded in 1939, IPL employs 800 people across three plants in Canada and the US (Kansas).

One51 group chief executive Alan Walsh said: “This is a transformational deal for One51 but it’s not just about scale; it’s about strategic fit.

“IPL gives us access to significant new markets for our existing products while also allowing us to bring a wide range of exciting new products, especially in food packaging and bulk containers, to our existing customers.

He added: “We have always been clear in our ambition to grow our core plastics and hazardous-waste businesses both organically and by acquisition. Welcoming IPL to the One51 group is a key milestone in that strategy.”

The acquisition will be financed by a mixture of senior debt, sub-debt and equity.

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