Packaging group One 51 (Dublin / Ireland; www.one51.com) has bought Macro Plastics (Fairfield, California / USA; www.macroplastics.com) through its subsidiary IPL (Saint Damien / Canada; www.ipl-plastics.com) for USD 150m (EUR 134m). Macro is claimed to be the largest manufacturer of rigid plastic bulk bins worldwide and is a market leader in supplying rigid plastic bulk packaging solutions to the agricultural and automotive sectors. It operates out of three manufacturing facilities in California, Washington and Kentucky, with dedicated design and testing capabilities, plus an established international sales network.

It is estimated that Macro’s revenues and pro forma adjusted EBITDA for the year ending 31 December 2017 will amount to around USD 95m and USD 19m, respectively. One51 said Macro offered “a significant footprint for IPL’s expansion in the strategically important US market – particularly the West Coast, a key growth target for the group – and the growing South American market.” Macro’s product portfolio is complementary to IPL’s existing business and the deal was “a significant step in One51’s strategy to become a leading global player in the rigid plastics market.”

The acquisition is being funded through a combination of IPL senior debt facilities and additional equity from the IPL shareholders. One51 said the acquisition would be earnings enhancing from 2017 and was expected to close by mid-June 2017, following US regulatory clearance.