Environmental services and plastics operator One51 has agreed to acquire a majority stake in injection-moulded plastic products manufacturer IPL for €201m.

According to the agreed terms, One51 will purchase 67% stake in IPL from Canadian private-equity firm Novacap.

While Fonds de Solidarité FTQ Fonds de Solidarité FTQ will retain 11% stake in IPL, Caisse de Dépôt et Placement du Québec will own 22%.

"We have invested substantially in IPL over the past few years so that the company could perform well and thrive."

This investment is expected to increase One51’s international reach while offering it with a platform for future growth in North America.

IPL employs 800 people across three plants in Québec and New Brunswick, Canada, and Kansas, US, where it manufactures over 400 products for the North-American market.

One51 group CEO Alan Walsh said: "This is a transformational deal for One51 but it’s not just about scale; it’s about strategic fit.

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"IPL gives us access to significant new markets for our existing products."

One51’s group revenue will also grow from €276m to €450m.

Novacap senior partner Michel Côté said: "We have invested substantially in IPL over the past few years so that the company could perform well and thrive.

"Today, the time has come for this company to move to the next level, to ensure its development and sustainability. It is with this objective in mind that we have taken our time to seek strong partners, who would sustain what has been achieved to date and continue to support its growth."