Member Article

Gateley team advised on £10.7 million Dublin takeover of Straight plc

A cross office team from Gateley law firm have revealed that they advised on a deal which saw Dublin based One51, acquire the Yorkshire recycling firm Straight plc, for £10.7 million.

One51 is an investment company with expertise in environmental services, renewable energy and injection moulding plastics. and the deal has just been cleared by the Competiton and Markets Authority.

Founded in 1993 and floated on AIM in 2003, Straight plc manufactures waste and recycling containers and employs 130 people, including 90 at its factory in Hull.

The business works closely with the waste management industry to deliver a range of innovative waste and recycling products to market.

Customers include local authorities, purchasing and recycling organisations and utilities. Straight plc also works with private waste management companies, corporate businesses, facilities management companies, the health care sector and educational facilities.

The BGateley advisory team included Birmingham based Corporate partner, Paul Cliff, Commerce, Technology and Media partner, Andrew Evans, corporate associate, Tom Rush, and Leeds based corporate partner, Nick Emmerson.

As a result of the acquisition, Straight plc has been delisted from AIM and will be integrated into One51’s plastics division.

Alan Walsh, chief executive of One51, commented: “This is an exciting time for both businesses. The deal provides an excellent opportunity for Straight plc to grow and thrive as part of a larger group. It also adds to One51’s existing offering, creating a leading specialist injection moulding group in the UK which can eventually grow into other European markets.

Paul Cliff (pictured right) added: “The takeover was protracted and required clearance from the Competition and Markets Authority. We are delighted to have assisted in its successful completion following this lengthy period.

“The deal represents the benefits of cross-office working and highlights the wealth of expertise that Gateley has at its disposal on public company M&A deals and in the manufacturing sector.”

The news follows positive half year results in 2014’s Experian Corpfin national and regional league tables. Based on deal volume, the firm achieved a second place ranking nationally amongst all UK law firms and a first place ranking within the Midlands. In addition, 99 Gateley lawyers were ranked as ‘Leading Individuals’ in the 2014 edition of Chambers legal directory.

This was posted in Bdaily's Members' News section by Clare Burnett .