The potential offer would value the waste, recycling, plastics, and NTR stake-owner investment firm at over €282.5m.
CapVest will now have to convince One51 shareholders that its potential bid offers more advantages than a stock market shares sales.
Merrion Stockbrokers, in a major research note last month, said One51 “was determined to create shareholder value”.
The stockbroker at the time recommended a “buy” rating ahead of a potential initial public offering of One51 shares, and forecast a 12-month target price of €2.18 for One51.
One51 was spun out of the old IAWS and took its name from the address of the head offices on Dublin’s Thomas St. Under chief executive Alan Walsh, One51 has repositioned itself from a broadly based investment holding company to focusing its investments in plastics and environmental services.
He has quickened a divestment strategy by selling off stakes in IFG, Irish Continental Group, Irish Pride — which was recently in receivership — and Greenore Port. More recently, One51 had detailed plans to dispose of its remaining stake in NTR. Large shareholdings in One51 are also held by prominent business people.
The Irish Examiner has reviewed documents which suggest that CapVest has targeted One51 because it believes One51 needs capital to grow and that there are “limited liquidity options for large shareholders”. CapVest will argue that its bid has greater benefits for One51 stakeholders.
The approach includes One51’s remaining stake in NTR and appears to have set a completion date by December.
Last week, One51 said in a statement that “it had noted recent media speculation regarding a possible offer and confirmed that it had received a preliminary approach not exceeding €1.80 per share and which may or may not lead to an offer”.
One51 includes OnePlastics — a brand for its injection moulding businesses located in Ireland, the UK, and China. The company says the businesses are involved in moulding and making products for customers.
It says ClearCircle Environmental is its umbrella brand for the hazardous waste management division, the metals recycling division, and the materials recycling division. Those businesses involve “the recovery of resources for recycling and reuse in a sustainable manner”.