One51, the Dublin-based environmental services and plastics company which spun out of the former IAWS Plc is to acquire a near 70 percent stake in the Canadian plastics company, IPL, in a €201m investment.

IPL is producer of up to 400 separate injection-moulded plastic products, including food packaging, for the North American market and employs 800 people across four production plants in Canada and a fifth facility in Kansas. 

The investment which will be funded through a combination of debt and equity, will double One51’s EBITDA to about €40m and raise turnover by 60 percent to €450m.

One51 shares trade on a so-called grey or limited shareholder market and this deal is likely to accelerate plans for a full stock market listing within the next year.

The company has been reluctant holder of a 24 percent stake in Tom Roche’s National Toll Roads – NTR – and is expected to announce agreement to liquidate that investment over the coming days.