Refrigeration and catering equipment rental specialist Lowe Refrigeration is understood to be looking for new investment partners.
Headquartered in Lisburn, Northern Ireland, the business originally appointed Deloitte Corporate Finance in November to advise it on its strategic options and assist with finding the best investment solution to support accelerated growth. That move was due to the company receiving interest from a number of parties in recent months.
According to Companies House the fast growing firm posted £14.3m turnover in the 12 months to 31 August 2017, up 29% on the previous year’s £11.1m.
Currently, Dublin private equity fund MML Growth Capital Partners owns a 55% stake in the business which it purchased in 2014 in partnership with the existing Lowe management team led by chief executive Rodney Lowry.
Lowe said in a statement: “The directors are committed to ensuring Lowe Rental is best structured to allow it to fulfil its growth potential by diversifying its service offering and continued geographical spread. This is evidenced by the recent opening of a new distribution centres in Shanghai and Las Vegas to add to its existing facilities in the UK, east coast US, Hong Kong, Singapore, Germany and Dubai.”
While Lowry added: “Building a world class brand starts with a world class team and we are no exception here at Lowe. Year on year numbers have been very encouraging and our market share across core and new markets continues to grow at a healthy rate which has given investors’ confidence.
“In order to maintain our growth aspirations, we are delighted to be in a position to garner interest, which will ultimately support the existing structure and drive the company on into the future.”
Founded in Ireland in 1977, Lowe Refrigeration claims it is now the world’s largest provider of refrigeration, catering equipment, temporary kitchens and modular cold room rental.
The firm services all major food exhibitions, events, retailers and food producers with rental solutions and equipment sales, including Wimbledon, Glastonbury Festival and the Singapore Grand Prix.