This exciting new collaboration stands with MML Ireland 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 nine locations world-wide throughout USA, Europe, Middle East and 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.
“We are delighted to receive this investment from MML Ireland. 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 Ireland 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 Ireland’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 Ireland while Carson McDowell acted for Lowe Refrigeration. PwC in Dublin performed the financial due diligence for MML Ireland throughout the process.
Rory Quirke, who led the deal on behalf of MML Ireland 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.”