Lowe Corporation, the parent company of modular kitchen and rental specialist PKL, has completed the acquisition of sister companies Abbey Design Associates (ADA) and Spherica Systems.
According to Lowe, the addition of ADA adds a substantial level of commercial refrigeration design and consultancy expertise to the group.
ADA was formed in 2006 as an independent refrigeration design and project management consultancy. An end-to-end consultation and solutions provider, the company has been developing tailored refrigeration support services for Europe’s leading food retailers for over 15 years.
While sister brand Spherica, an innovator in the Internet of Things (IoT) remote monitoring space, will join Lowe’s global LoweConex brand, bringing a unified data platform to the international marketplace.
Spherica was formed in 2017 and is a UK based software and hardware development house which has created a patented unified data platform. This technology has changed how a wide range of data-rich industries, such as retail, harvests, views, interprets and acts upon the data their connected assets produce via automated two-way communication functionality.
Responding to the demand from businesses that are becoming increasingly aware of the value around ‘big data’, the utilisation of Spherica’s next generation IoT technology is aimed at positioning the recently-launched LoweConex brand as a disruptive offering in enterprise asset analytics.
Rodney Lowry, CEO of Lowe said: “We are delighted to welcome ADA and Spherica into our high-performing group of brands. With innovation and a customer-focused approach at our core, these two expectational businesses are a perfect fit.
“There are excellent synergies between the companies, and this can be seen in aligned cultures around customer service and our reputation as trusted innovators. Together we can take a great step forward, providing market leading end-to-end asset management control through IoT technology platforms, a first for the food grocery market.”
He added: “The teams from Lowe, ADA and Spherica complement each other extremely well and I am delighted to have all formalities of the deal completed, clearing the way for our teams to start the business of building a collective powerhouse in food retail and associated markets. In particular, the unified data platform and IoT-backed AI from LoweConex is one of the most exciting developments I have been involved in. The technology and the teams behind it have the potential to transform the market as we know it.”
Garry Turner, founder of ADA and Spherica, commented: “The acquisition of our businesses by Lowe is a very exciting and welcome milestone for all here at ADA and Spherica. Having the backing of such a large, globally respected company unlocks new and significant growth potential in markets and geographies that historically would have been out of reach. The Lowe team also brings a wealth of commercial experience to our offering, helping to deliver strong consistent growth long into the future.”