March 2018 - MML Growth Capital Partners Ireland (“MML”) has exited its investment in Lowe Rental, (“Lowe” or the “Company”) through a sale of the Company to management and Perywn, the UK based evergreen family investment fund, for c.£60m. The exit is MML’s first from its €125m fund.
Founded in 1977 and headquartered in Lisburn, Northern Ireland, Lowe has grown to become the world’s leading refrigeration, catering equipment, cold room and temporary kitchen rental company servicing customers in the food and beverage exhibitions, events and retail sectors globally. The Company operates from strategically placed facilities across the UK, USA, Germany, Singapore, UAE, Hong Kong and Shanghai and employs over 125 people internationally.
MML invested in Lowe in partnership with its existing management team led by CEO Rodney Lowry in August 2014. Since then there has been a significant focus on asset investment, systems and infrastructure, setting the business up for rapid scalability. During MML’s investment period, EBITDA has trebled, and the business has expanded into new markets and growth areas, most notably retail. Management and Perwyn plan to invest further in Lowe’s expansion and diversification of revenues across all services and sectors.
Commenting on the transaction, Rory Quirke, Director and Co-head of Investments at MML said, “We are extremely pleased with our successful exit of Lowe. We have greatly enjoyed our time with Lowe, working with Rodney and the rest of the management team to grow and develop the Company into a leader in its field. We wish Rodney and his management team, alongside Perwyn, every future success in pursuing what continues to be a very exciting opportunity”.
Rodney Lowry, CEO of Lowe, added, “MML have shown an exceptional level of professionalism and support throughout our partnership over the past three and half years. Their expertise has helped us achieve our growth potential and create a new platform for further international expansion. The entire team has very much enjoyed being part of the MML portfolio”.
MML and management shareholders were advised by Deloitte Corporate Finance, led by Anya Cummins and Carson McDowell, led by Neasa Quigley. KPMG and Grant Thornton provided financial and tax due diligence and CIL provided commercial due diligence.