Dublin-headquartered environmental services group, One51, has agreed to acquire a majority stake in Canadian plastics company IPL for €201 million.

As well increasing group revenue from €276 million to €450 million, the acquisition will significantly increase One51’s international reach.

One51 group chief executive Alan Walsh said IPL gives the company access to significant new markets.

“This is a transformational deal for One51 but it’s not just about scale; it’s about strategic fit,” he said.

The acquisition, which is expected to close by the end of July, will be financed by a mixture of debt and equity.