DLA Piper advises founding shareholders on their sale of FloPlast and Cork Plastics by competitive auction
DLA Piper advised the founding shareholders on their sale of FloPlast Limited (UK) and the Cork Plastics Group (Ireland) following a competitive auction process.
Founded in 1969 and headquartered in Cork, Ireland, Cork Plastics is a diversified manufacturer and supplier of plastic rainwater, drainage and plumbing products for the residential construction, agricultural and utilities sectors. Its product range is supplied throughout Ireland the UK, and certain European markets, notably in France and in Germany.
Founded in 1991 and headquartered in Sittingbourne, UK, FloPlast is a specialist manufacturer and supplier of plastic rainwater, drainage and plumbing systems primarily focused on the renovation, maintenance and improvement (RMI) sector. The company specializes in roofline products with an extensive range of rainwater systems and PVC-UE cellular foam fascia, soffit and cladding systems that provide maintenance-free solutions to domestic and commercial buildings.
The successful bidder Wienerberger AG (ATX: WIE, Wienerberger), who acquired the businesses for an undisclosed sum, is a leading international supplier of building materials and infrastructure solutions. The Wienerberger group operates 197 production sites in 29 countries and is the world’s largest products of bricks and the market leader in clay roof tiles in Europe as well as concrete pavers in Central-Eastern Europe and pipe systems in Europe.
The DLA Piper Corporate team was led by the firm’s London Managing Partner, Tom Heylen and Ireland-based legal director, Edel O’Kelly. They were supported by senior associate Liam Freeman and associates Ryan Cullen, Blayre McBride and Dara McDonald. DLA Piper’s partner and Head of Tax in Ireland Maura Dineen and associate Paulina Serafieva advised on the tax aspects of the transaction.
Edel O’Kelly, legal director, Dublin, said: “It was a privilege to support and guide the O’Brien and Lynch families throughout the project. We’re delighted to have helped them to achieve their objectives for the transaction and a return on the significant personal and professional investment into these businesses across several generations. They have created thriving innovative businesses and the sale to Wienerberger will support their continuing growth in the coming years.”