MML divests Lowe Refrigeration to Perwyn

The deal, which values the company at slightly more than £60m according to the Irish Times, brings to an end a three-and-a-half-year tenure for MML. Perwyn typically makes investments in companies with enterprise values of £25-125m.

According to the report, MML has reaped more than £30m from the sale of its 55% stake in the company. The vendor was invested in Lowe via its MML Growth Capital Partners Ireland fund, which held a final close on its €125m hard-cap in November 2013 and typically invests €2-12m per transaction.

During MML's holding period, Lowe increased its turnover from £10.3m to £14.3m, according to publicly available documents.

Under its new ownership, the business will look to diversify its product range and invest in new equipment.

The transaction comes less than two weeks after Perwyn backed the management buyout of Freshcut Foods, a distributor of fruit, vegetables and carbohydrates.

Company
Founded in 2005 and headquartered in Lisburn, Lowe is a rental provider of refrigeration units, catering equipment and temporary kitchens. It primarily provides equipment for events, exhibitions and retail developments.

Lowe has 130 employees across nine offices on four continents. According to the aforementioned documents, it generated EBITDA of £4.6m in 2017, up from £2.6m the previous year.

People
Perwyn – Andrew Wynn, Mark Blower (partners).
Lowe Refrigeration – Rodney Lowry (CEO).

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