It has today been confirmed that the Competition and Markets Authority has cleared the anticipated acquisition of Straight plc by One51 Plastics Holdings Limited.
It has been announced that the transaction is now expected to progress according to the revised timetable announced on 30 June 2014 with the cancellation of admission of Straight Shares to trading on AIM due to take place on 12 August 2014.
The sale was agreed in early May, at a price of £10.7m. Speaking at that time, Alan Walsh, chief executive of One51 Group, said: “The board of One51 Group looks forward to the integration of Straight within its existing plastics division. We aim to support Straight in its growth plans by providing the security of a strong balance sheet and continuing to innovate the business model through investment in technology and machinery.
“The combination of One51 and Straight is an exciting opportunity as it adds considerable breadth, depth and scale to One51’s existing offerings, creating a leading specialist injection moulding group in the UK which can then grow into other European markets. This acquisition will also drive growth for the Enlarged Group driving further value to our shareholders.”
Already part of the One51 group is another wheeled bin and kitchen caddy manufacturer in the shape of MGB Plastics, meaning the acquisition will further strengthen the company’s position in this competitive market place.
It is believed that Jonathan Straight will step down from his role as chief executive officer as soon as the sale is confirmed, but that he could be still work with the business in a consultancy capacity.
We will confirm more information when we have it.