Lowe Rental buys PKL Group
UK: The Lowe Rental Group has acquired Cheltenham-based PKL Group, a supplier of temporary kitchens and catering equipment for rental and sale.
Founded in 1988 and employing around 100 staff, PKL supplies temporary and permanent catering infrastructure to a diverse range of end markets, delivered in many forms such as modular kitchens, food kiosks and the hire of commercial catering equipment. The company has been at the forefront of developing and delivering solutions for some of the world’s most renowned events such as the Olympics and Commonwealth Games.
Lowe says the acquisition supports its plans for growth and adds a significant wealth of expertise in the catering space, complementing Lowe’s expertise in the supply of refrigeration. The combined group will have revenues in 2019/20 of over £50m and will operate from 11 locations across the world.
Describing PKL as “a perfect fit”, Lowe CEO Rodney Lowry said: “There are excellent synergies between the companies such as our approach to customer service, our reputation as trusted brands, the quality of products we supply and the high calibre of the management teams. Both companies are delighted to have all formalities of the deal completed, clearing the way for our staff to start the business of building a collective powerhouse in the rental of refrigeration, catering equipment and temporary kitchens across the world.”
Commenting on the deal, PKL’s CEO, Lee Vines said: “The acquisition of our business by Lowe is a very exciting and welcome step forward for all here at PKL. Having the backing of such a large, globally renowned company unlocks new significant growth potential in markets and geographies that historically would have been out of reach. The Lowe team also brings a wealth of refrigeration knowledge to the table and we are very enthusiastic about the prospect of providing a broader and highly compelling offering in the market.”
Founded in 1977, with its headquarters in Lisburn, Northern Ireland, Lowe provides refrigeration and catering equipment for rental and sale to the world’s leading F&B exhibitions, events and retailers.