Irish firm buys majority stake of Quebec molder IPL
Purchaser is Dublin-based One51, an environmental services and plastics operator.
An Irish environmental services and plastics operator has purchased a majority stake of Quebec-based injection molder IPL Inc. for 201 million euros.
Dublin-based One51 has bought a 67% stake in IPL, which is headquartered in Saint-Damien-de-Buckland, Que.
IPL, which has been operating since 1939, manufactures over 400 products for the North American market – and specializes in molding plastic containers – and employs over 800 people across three plants in Quebec and New Brunswick and one in Kansas in the US.
IPL is being acquired from Canadian private equity firm Novacap, and Fonds de Solidarité FTQ (FSTQ), a labor-sponsored fund which supports investment in Quebec.
According to a statement, One51 said the deal will significantly increase its international reach while providing it with a platform for growth in the U.S. “This is a transformational deal for One51 but it’s not just about scale; it’s about strategic fit,” said Alan Walsh, One51’s group chief executive. “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.”
The acquisition, which is expected to close by the end of July, will be financed by a mixture of debt and equity, One51 said.