One51 has acquired a majority stake (67%) in IPL, a Canadian plastics company, for €201m. The acquisition will significantly increase group revenues at One51 from €276m to €450m while also extending the company’s international reach.

One51 chief executive Alan Walsh described the deal as a strategic fit for the company and that it was not just about increasing scale.

“IPL gives us access to significant new markets for our existing products while also allowing us to bring a wide range of exciting new products, especially in food packaging and bulk containers, to our existing customers,” added Walsh.

IPL was founded in 1939 and employs 800 people across three production facilities located in Canada (Québec and New Brunswick) and the US (Kansas). The company manufactures over 400 injection-moulded plastic products for the North American market.

The deal is expected to be closed by the end of July and will be financed through a mixture of debt and equity.