September 19th 2014 - MML Growth Capital Partners Ireland are proud to announce they have completed their first deal by investing in Northern Irish born global refrigeration rental company; Lowe Refrigeration. This exciting new collaboration stands with MML taking a substantial stake in the company in partnership with Rodney Lowry and the management team.
Lowe Refrigeration is the world’s leading short term refrigeration rental company providing temporary hot and cold solutions to large food exhibitions, food retailers, major sporting events and festivals across the globe. From the Singapore GP to the US Open Golf, Lowe Refrigeration is a renowned brand operating from 9 locations world-wide throughout USA, Europe, Middle East & Far East Asia.
The company has doubled in size since CEO Rodney Lowry led the acquisition of the business from the founding Lowe family in 2008. Rodney stated “We are delighted to receive this investment from MML. They rapidly grasped the future potential of the business and, importantly, the management team felt very comfortable working with them from the start of the process. MML has a strong track record of partnering with thriving businesses and supporting their growth ambitions therefore I am very confident that we can now accelerate our development into new regions and new rental markets globally”.
MML’s Rory Quirke and Neil McGowan will both join the Lowe Refrigeration board, alongside Rodney Lowry and CFO Paul Lavery. Lowe Refrigeration is also pleased to appoint Mervyn McCall as Chairman of the board. Mervyn is a former director of the Mivan Group as well as past chairman of the Institute of Directors NI and the new board will benefit from the experience and expertise Mervyn brings to the table.
Bank financing for the deal was provided by the Bank of Ireland led by john Mathers in Belfast and Craig Holmes of Horwood Neill Holmes acted as financial adviser to Lowe Refrigeration. Tughans acted as legal advisers to MML while Carson McDowell acted for Lowe Refrigeration. PwC in Dublin performed the financial Due Diligence for MML throughout the process.
Rory Quirke, who led the deal on behalf of MML commented; “We are delighted to be making our inaugural investment in Lowe. This represents an ideal transaction for us, backing a strong and ambitious team led by Rodney Lowry with the capital to continue to grow and build their business further”.