DUBLIN: One51, the Irish plastics and environmental services group, is selling its Cork Metal recycling business and understood to be in advanced talks to offload its other metals recycling operations here, the Irish Independent has learned. It’s believed previous owners of the businesses – most of whom stayed with the firms to help run the operations as part of One51’s ClearCircle division – are in line to buy them back for far less than they sold them.
One51’s single biggest shareholder is financier Dermot Desmond, who owns almost a 21pc stake through his IIU investment vehicle.
Other One51 shareholders include beef baron Larry Goodman, as well as co-ops Kerry, Dairygold and Lakelands. One51 paid north of €200m at the tail-end of the last decade to buy metal recycling firms in Ireland and the UK. The acquisitions were made when former chief executive Philip Lynch headed the group. It has four metals recovery business in Ireland, including operations in Galway, Cork, Limerick and Laois. It also has metals recycling businesses in the UK.
One51 paid a combined €140m in 2007 to buy Hegarty Metals in Limerick, A1 Metal Recycling in Mountmellick, Co Laois, and Galway Metal. The owners of Hegarty Metals made a €56m gain on the sale to One51.
