MML Capital has strengthened its position in Northern Ireland by investing in a Lisburn-based rental company which services events such as Wimbledon, Glastonbury Festival and the Singapore Grand Prix.
MML will take a 55 per cent stake in Lowe Refrigeration, in partnership with the existing Lowe management team led by chief executive Rodney Lowry.
The investment has been made through MML Growth Capital Partners Ireland; a €125m fund dedicated to backing small and medium sized private businesses located in Ireland.
MML Ireland's Rory Quirke and Neil McGowan will both join the Lowe Refrigeration board, alongside Rodney Lowry and chief financial officer Paul Lavery. Mervyn McCall, a former director of the Mivan Group, has also been appointed chairman.
Lowry said: "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."
Lowe Refrigeration, a refrigeration rental company which provides services to large food exhibitions, retailers, major sporting events and festivals, has doubled in size since Lowry led the acquisition of the business in 2008, and the company expects to post revenue of €20m for 2014.
John McGuckian, who led the investment team at Tughans advising MML Capital on the investment, said: "It was an excellent transaction to be involved in, being the first investment by MML Growth Capital’s new all Ireland fund. We welcome investments into such progressive and export-led businesses as Lowe Refrigeration.
"We look forward to seeing the growth this money can bring to Lowe Refrigeration and to working on similar investments into Northern Irish companies, which we believe will and should increase in volume."
Craig Holmes from Horwood Neill Holmes (HNH), who originated the deal and acted as financial adviser to Lowe Refrigeration, said: "It is great to see another Northern Ireland company attract a quality private equity investor such as MML to help realise its growth ambitions. Lowe has a global blue-chip customer-base, which can be further enhanced following this investment.
"HNH are working with companies in different sectors to attract private equity for growth or realisation, and that bodes well for the Northern Ireland economy."
Bank financing for the deal was provided by Bank of Ireland led by John Mathers in Belfast. Tughans acted as legal advisers to MML while Carson McDowell acted for Lowe Refrigeration.
