Plastics manufacturing firm One51 said it has received an “indicative and conditional approach” from London-based private equity firm CapVest Partners at €2.50 a share.
A spokesman for the company said discussions were at an early stage, and that the offer was preliminary in nature. It is subject to various pre-conditions, including due diligence and financing, he added.
“There can be no certainty that an offer will ultimately be forthcoming or as to the terms of any offer,” he said.
One51, which employs around 1,700 people and is headquartered in Dublin, said in August that it had restarted exploring a possible IPO and listing for in the next 12 to 18 months.
Industry sources have suggested the Toronto Stock Exchange would be the most likely option, given the company’s investor base and presence in Canada.
One51 entered the North American market through the majority purchase of Canadian packaging company IPL in 2015 and has used that as a springboard into the US market, most recently buying bulk packaging company Macro Plastics, via IPL, in a €135m deal earlier this year.
CapVest, which describes itself as a mid-market private equity firm focused on investments in companies supplying goods and services, is headed up by Cavan native Seamus Fitzpatrick. It has raised more than €4bn since 1999.
© Irish Examiner Ltd. All rights reserved