The deal was for a total consideration of €29.75m. Under the terms of the transaction, One51 will dispose of a 75% interest in ClearCircle for an upfront cash consideration of €22.25m and is retaining a minority shareholding, which it will have the option to sell in the future.

Up to last year ClearCircle also included the now disposed of metals recycling business when it was sold off last November. Both these businesses units generated combined revenue of €102.8m in 2016 and had profits of €10.3m.

One51 has shifted its focus to plastics, paying €201m last year for an almost 67% stake in Canadian firm IPL, a manufacturer of injection-moulded plastic products.

One51 saw profits rise 53% to €55.2m last year, on the back of increased revenues which rose 19% to €433.9m. The strong performance was driven by a combination of organic growth and a full year contribution from IPL.

Last year, the plastics division, accounted for 76% of the business, with revenues of €331.1m and accounted for 89% of profits (EBITDA) at €48.8m. Net debt increased €32m to €152.5m at the end of 2016.

Shares in One51, which are traded on the grey market, are currently trading at €1.60-€1.65.

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Where next for shareholders of One51?

Profits rise 53% to €55m at One51