The 55% stake is said to be part of the investment MML will take in the company, in partnership with the existing Lowe management team led by ceo Rodney Lowry.
Referring to his new investment partners, Rodney Lowry said, “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 Ireland’s Rory Quirke and Neil McGowan will both join the Lowe Refrigeration board, alongside Rodney Lowry and cfo Paul Lavery. The company has also appointed Mervyn McCall, a former director of the Mivan Group, as chairman of the board.
Lowe Refrigeration is the world’s leading short term refrigeration rental company providing temporary cold solutions, in addition to hot equipment, to large food exhibitions, retailers, major sporting events and festivals internationally. The company services events such as the Singapore GP, Wimbledon, Glastonbury and the US Open Golf from nine locations throughout Europe, the USA, Middle East and Far East. The company has doubled in size since Rodney Lowry led the acquisition of the business from the founding Lowe family in 2008. Lowe Refrigeration expects to post revenue of around €20m for 2014.