After years of false dawns, shareholder disputes and disappointing returns, the ill-fated story of Irish investment company One51 looks to have finally come to an end.

Fifteen years since the Irish Agricultural Wholesale Society (IAWS) was renamed as One51 back in 2005, the company, which is now known as IPL Plastics, is set to be sold 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.