Lowe Rental is the global market leader in the provision of specialist refrigeration rental equipment.
Lowe Rental was founded in 1977 and specialised in providing display refrigeration to large international food exhibitions. In 2008, the business was acquired by the current CEO, Rodney Lowry, with the support of private non-executive shareholders. Under Rodney’s stewardship, Lowe diversified from a sole focus on exhibitions, initially moving into the events and subsequently the retail market. Rodney believed there were significant growth opportunities developing the event and retail markets combined with geographic expansion and product diversification and sought a partner to assist him in taking the business to the next level. Over time we built a relationship with Rodney and invested for a majority stake, providing an exit for private non-executive shareholders and partial divestment for other shareholders. At the same time, we led the refinancing and consolidation of existing debt facilities and created an equity pot and incentive plan for second tier management positioning the business for growth.
Lowe Rental was a business with a highly motivated, engaged management team with significant industry experience. It was MML Ireland’s first investment and we sought to support the team by putting in place the right structures and processes to allow the business to scale further. MML Ireland supported significant capex purchases of new equipment to further develop the asset base and facilitate the growth of the business, invested in and rolled out an integrated group wide ERP and asset management system, recruited additional resource and supported the further geographic expansion of the company. During its investment period of just under 4 years the business achieved significant organic growth with EBITDA more than trebling in that period. In March 2018, MML Ireland successfully exited the business via a secondary buyout to Perwyn, the UK based evergreen family investment fund.
MML Ireland Fund I
For investors in MML Ireland Fund I, MML Ireland Fund II & MML Fund VI
For investors in MML Fund VII