UK: Refrigeration equipment rental company Lowe Rental has been acquired by equity firm Perwyn in a £60m deal, one of Northern Ireland’s largest ever private-equity-backed transactions.
Lisburn-based Lowe Rental, formerly known as Lowe Refrigeration, was established in 1977 and has grown to become the global leader in refrigeration and catering equipment rental services to food exhibitions, sporting events and retailers worldwide.
The original investment by MML Growth Capital Partners Ireland in 2014 in the Lowe management team, headed up by CEO Rodney Lowry and supported by CFO Paul Lavery and group sales and marketing director Rachel McCausland has now been realised.
“Perwyn are a very specialist private equity firm that focus on fast growing companies,” commented Rodney Lowry. “Their evergreen investment approach will be a strong fit with the dynamics of our global business.”
Lowe Rental operates from strategic centre locations throughout Europe, Middle East, Eastern Asia and the Americas. In 2017 the company was active in 41 countries and traded with 142 nationalities from the food production, food retail, catering, event and exhibition industries.