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Reihill's cash-rich TVC eyed up One51

Shane Reihill's listed investment firm TVC Capital is understood to have run the rule over waste-to-bread group One51 recently.

TVC is considered unlikely to move for the company as it seeks to spend its massive windfall earned from the €217m sale of Norkom Technologies last year. However, it isn't the only investment group to show an interest in the company.

Nick Furlong's cashed-up Pageant Holdings has built up a sizeable shareholding in One51 over recent weeks. Pageant is understood to have met with One51 management and views the stake as a value investment.

One51's shareholder base includes most of the biggest names in Irish business. Beef baron Larry Goodman's Parma is the largest outside investor but backers include former Irish Nationwide boss Michael Fingleton, Balderton's Barry Maloney, developer Bernard McNamara, former C&C boss Maurice Pratt, Barry's Tea and ex-AIB head Tom Mulcahy.

One51 has wobbled since the hasty ousting of founder and chief executive Philip Lynch seven months ago. He was replaced by Alan Walsh. Shares hit an all-time low last week.

Last week, One51 revealed that it had offloaded its shareholding in financial services company IFG. Key Capital is handling the sale of its Irish Pride bread business, which is on the market for about €30m.

Sunday Indo Business