One51 plc “(One51”) is an Ireland-based holding company comprised of two operating businesses focused on plastics manufacturing and environmental services.
IPL Ltd. (“IPL”), owned by Novacap, is a leading North American manufacturer of injection-molded plastic products including thin-wall overcaps and containers. The Company is comprised of two business units, the Bulk & Environmental (“B&E’’) and the Food retail packaging unit (“Retail”).
One51 participated in the auction process for the divestiture of IPL’s B&E division. With the support from CF Ireland as well as CF New York, PwCCF Montreal pitched One51's management and secured the engagement in February 2015.
One51 quickly shifted its focus to also acquire IPL’s Retail division, now targeting IPL as a whole. We were successful in convincing Novacap to establish a concurrent process for the whole business and secured exclusivity in June, signed on July 2, 2015 and closed on July 23, 2015.
To complete the acquisition, One51 needed to raise $200m.
We contacted local partners who were knowledgeable of IPL’s operations, history and management. The capital raised included equity and sub debt from Caisse de Dépôt et placement du Québec (CDPQ), one of the world’s largest pension funds with $226B under management, as well as Fonds de Solidarité des Travailleurs du Québec (FSTQ), a labour-sponsored fund with $10B of asset under management, who rolled a portion of its proceeds.
As part of the capital raising process, PwC helped articulate a three-step approach to an eventual IPO or alternative liquidity event which convinced potential partners of the value creation potential.
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