MML Ireland exits its investment in Lowe

MML Ireland has exited its investment in Lowe Rental through a sale of the Company to management and Perwyn, the UK based evergreen family investment fund, for c.£60m. The exit is MML Ireland’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 Ireland 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 Ireland’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 Ireland, 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 Ireland 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 Ireland portfolio.”

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