Ireland-based rigid plastics manufacturer One Fifty One (One51), through its subsidiary IPL, has agreed to purchase rigid plastic bulk bins producer Macro Plastics for $150m.
Based in the US, Macro currently operates three manufacturing facilities in California, Washington, and Kentucky, and provides rigid plastic bulk packaging solutions to the agricultural and automotive sectors.
One51 plans to finance the planned deal through a combination of IPL senior debt facilities and additional equity from the IPL shareholders.
Bank facilities for the proposed acquisition are provided by a syndicate of nine financial institutions with National Bank of Canada acting as lead arranger.
Subject to US regulatory clearance, the deal is expected to be closed by next month, following which, Macro will be integrated with One51 subsidiaries, IPL and OnePlastics Group (OPG).
One Fifty One group chief executive Alan Walsh said: “This transformational acquisition gives us our first significant presence on the west coast of America, providing us with a leading position in a number of growing market segments.
“The acquisition also expands our geographic reach, product portfolio and customer base across the growing North and South-American markets.
"The integration of Macro with IPL and OnePlastics Group (OPG) will make One51 a significant player in the global rigid-packaging container market.
“We welcome Warren MacDonald and his team in Macro to the wider One51 Group and we look forward to working closely with them in the years ahead.”
One51 also noted that the proposed acquisition would enable the company to expand its existing sales and distribution infrastructure in new markets.