Plastics manufacturer and waste manager One51 said on Tuesday that it has sold its Irish environmental services business, ClearCircle Environmental, as part of its strategy to focus on developing its global plastics business.
One51 sold the business, a resource recovery and resource management company, for a total consideration of €29.75 million.
Under the terms of the transaction, One51 is disposing of a 75 per cent interest in ClearCircle’s Irish operations for an upfront cash consideration of €22.25 million and is retaining a minority shareholding under a put-and-call option agreement.
Environmental services
The company said the disposal of ClearCircle “marks One51’s exit from the Irish environmental services sector as the group focuses on the continued development of its global plastics business”.
In March, One51 reported strong growth for 2016, with revenues rising by 18.6 per cent to €433.9 million, primarily driven by strong organic growth and a full-year contribution from IPL, the group’s North American plastics division purchased in 2015 along with two Canadian equity partners. At the time, the company said it was eyeing up acquisitions in the retail packaging and bulk packaging sectors in both north America and Europe.
