Business Irish

Monday 17 December 2018

Lowe Refrigeration nears sale as suitors compete

The sales process is being run by Deloitte. Photo: Reuters
The sales process is being run by Deloitte. Photo: Reuters

Gavin McLoughlin - Business Correspondent

A sale of Lowe Refrigeration is well advanced as interested parties move to a secondary bidding phase.

The Lisburn-based company, majority-owned by Dublin private equity fund MML Growth Capital Partners, is likely to fetch a price in excess of €40m according to industry sources.

It's understood Lowe has had suitors ranging from private-equity firms in the UK and Ireland to international trade buyers.

The sales process is being run by Deloitte.

Lowe specialises in short-term rental of refrigeration equipment for events. It provides hot equipment also.

In the year ending August 31 last it had earnings before interest, tax, depreciation and amortisation (ebitda) of just under £6m, according to accounts.

"The directors feel the business is well-positioned and are continuing to explore new growth opportunities," the accounts state.

Neither Lowe nor MML responded to a request for comment on this story.

MML took a 55pc stake in the business in 2014, saying it was "an ideal investment".

Other companies backed by MML include H&MV Engineering, which last week announced plans to create 150 jobs over the next five years.

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