On May 18, 2017, One Fifty One plc ("One51") announced that the shareholding held by IIU and certain related parties of Mr. Dermot Desmond had been acquired by Caisse de dépôt et placement du Québec ("CDPQ").
One51 partnered with CDPQ in July 2015 to acquire IPL and both parties have developed a strong working relationship since then.
One51, headquartered in Dublin, Ireland, is a leading rigid plastics manufacturer for the packaging, environmental containers and industrial products sectors operating from multiple production facilities in Ireland, the UK, North America and China.
IPL is a leading North American manufacturer of injected moulded plastic products. One51 holds a 67% majority shareholding in IPL together with its partners CDPQ and Fonds de Solidarité des travailleurs du Quebec (FSTQ) who each hold 22% and 11% respectively.
CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at Dec. 31, 2016, it held $270.7 billion in net assets.
Gowling WLG advised CDPQ with respect to this transaction with a team that included Robert Dorion, Rafal Wrzesien, Tiffany Lee Bianchi and Ingrid Anton.