Environmental services and plastics operator One51 has agreed a deal to buy a majority stake in North American company IPL.
IPL, which makes injection-molded plastic products, employs over 800 people across three plants in Canada and one in Kansas in the US.
One51 said the deal will give it a controlling stake (67%) in IPL. IPL is being bought from Canadian private equity firm Novocap and Fonds de solidarite FTQ (FT, a labour-sponsored fund which supports investment in Quebec.
FSTQ will keep an 11% stake in the company, while Caisse de Depot et Placement du Quebec will take a 22% stake.
One51 said the deal will increase its revenue from €276m to €450m while it will also significantly increase its international reach while providing it with a platform for growth in the US.
"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," commented Alan Walsh, One51's group chief executive.
"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," Mr Walsh added.
