MML to receive €34m following sale of Lowe Refrigeration

Irish investor MML Growth Capital Partners stands to receive more than £30 million (€34 million) from its stake in Lowe Refrigeration after the fridge-leasing firm was sold to company management and UK investment fund Perywn for just over £60 million (€68 million).

Lowe leases refrigeration, catering equipment, cold room and temporary kitchen facilities to global events including Wimbledon, the Henley Royal Regatta, Glastonbury, the Dubai Sevens tournament, and the USPGA Championship.

Headquartered in Lisburn in Northern Ireland, it operates from facilities across the United Kingdom, the United States, Germany, Singapore, the United Arab Emirates, Hong Kong and Shanghai, and employs more than 125 people internationally.

This is the first time MML has exited an investment. It was entered into in August 2014 in partnership with Lowe's management team, which is led by chief executive Rodney Lowry. It took a 55 per cent stake in the company with its investment.

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Rapid scalability

MML directors and joint heads of investment Rory Quirke and Neil McGowan both joined the board, alongside Mr Lowry and Lowe chief financial officer Paul Lavery.

Since then, the company has focused on asset investment, systems and infrastructure, and setting the business up for “rapid scalability”.

During the investment period, earnings before interest, taxes, depreciation, and amortisation (Ebitda) trebled, and the business expanded into new markets such as retail.

Management and Perwyn said they plan to invest further in Lowe’s expansion and diversification of revenues across all services and sectors.

Mr Lowry said MML provided “exceptional” support during the partnership. “Their expertise has helped us achieve our growth potential and create a new platform for further international expansion,” he said.

MML co-head of investments Rory Quirke said he was “extremely pleased” with the successful exit. “We have greatly enjoyed our time with Lowe, working to grow and develop the company into a leader in its field,” he said.

MML is a €125 million fund that backs small and medium-sized private businesses in Ireland. It provides capital to businesses for expansions, acquisitions, shareholder reorganisations, recapitalisations and management buyouts.