One51 advances IPO plans with restructure

One51, the former Irish investment group that has evolved into an international rigid plastics maker, said on Friday it is looking to restructuring the group and the organisation of its main unit, North America-based IPL, as it advanced plans to float within the next 12 to 18 months.

“The board is actively advancing [an initial public offering] strategy and is today commencing a shareholder engagement process to outline a proposed corporate reorganisation of One51 and in particular the IPL structure that would position the group for an IPO within that timeframe,” it said today.

Canadian investment firm, Caisse de Dupot et Placement du Quebec (CDPQ), which acquired businessman Dermot Desmond’s approximate 25 per cent holding in One51 in May, also is a major shareholder in IPL, in which One51 acquired a controlling 67 per cent interest in 2015.

CDPQ and Canadian government agency Fonds de Solidarite own a combined 33 per cent stake in IPL. The company accounts for about 80 per cent of One51’s revenues.

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Meanwhile, One51 said that non-executive director Dalton Philips has stepped down effective from Friday as he prepares to take up his new role as chief executive of airport operator DAA.