ONE OF IRELAND’S most prominent private equity firms is weighing up a huge offer for Dublin-based plastics giant One51.
One51 said in a statement that it has received “an indicative and conditional approach from CapVest regarding a possible offer at €2.50 in cash per One51 share for the share capital of the company”.
It added: “The approach is preliminary in nature and is subject to various pre-conditions, including due diligence and financing, and there can be no certainty that an offer will ultimately be forthcoming or as to the terms of any offer.
“Discussions are at an early stage and a further announcement will be made as appropriate. Shareholders are advised to take no action at this time.”
If a firm offer is made, it would value One51 at about €500 million.
Headquartered in Dublin, One51 is one of Ireland’s largest companies. The firm has two main sides to its business: plastics and environmental services, as well as an investment arm.
The firm has over 1,300 employees and recorded sales of just under €350 million in 2016.
It has been widely reported that the company is considering an initial public offering (IPO) in the next year or so.
One51 was set up in 2005, one of the spin-off businesses to emerge from the Irish Agricultural Wholesale Society.
The company has attracted some of Ireland’s best-known business figures including Philip Lynch, who once served as the firm’s chief executive, and billionaire Dermot Desmond, who was a large investor in the firm.
Earlier this year Desmond sold his stake in the company. This paved the way for it to go down the IPO route. While it had intended to float sooner, this had been opposed by an influential group of shareholders, including Desmond.