Irish co-ops with shares in IPL Plastics (formerly One51) are set for a cash windfall of €70m by the middle of October.

This week, shareholders in IPL unanimously approved the sale of the company to Chicago-based private equity group Madison Dearborn Partners and the company’s existing main shareholder, Quebec-based pension fund CDPQ, as part of a C$555m (€347m) deal.

The Irish Farmers Journal understands that all of the Irish co-ops who participated in the shareholder vote, voted to approve the deal.

With Irish co-ops owning around 20% of the shares in IPL they are in line for a cash payout of €70m. Larry Goodman is thought to hold around 5% of the shares in IPL and is in line for a €17m cash windfall.