Deloitte lead adviser to Lowe Rental Limited as Perwyn invests c.£60 million.
Private equity house Perwyn makes first entry into Irish market
14 March 2018 Deloitte has acted as lead corporate finance and debt advisers to the shareholders of Lowe Rental Limited on the c.£60 million investment by Perwyn in the business. The transaction represents one of the largest private equity deals to come out of Northern Ireland.
Established in 1977, Lowe Rental has grown to be the largest globally recognised refrigeration and catering equipment rental service provider to food exhibitions, sporting events and retailers worldwide. The business, based in Lisburn, is extremely well diversified and operates globally.
In 2014, MML Growth Capital Partners Ireland backed the Lowe management team and the company has grown strongly since their investment. MML has now exited the business and this new partnership with Perwyn will support the Lowe team in achieving the next phase of its international growth across all service lines.
Perwyn is backed by the Perrodo family of France, who also own Perenco.
Deloitte provided lead advisory and debt advisory services to Lowe for the transaction. Anya Cummins, Lead Partner, commented: “We are delighted to have supported MML and the management shareholders on this deal. This transaction represents one of the largest private equity deals to come out of Northern Ireland, a very successful growth journey and exit by MML in Ireland, and the first investment by Perwyn into the Irish market. Lowe is a business with strong growth prospects in overseas markets and attracted very strong interest from the international private equity community. This is a great result for all involved and we wish Perwyn and the management team every success with what no doubt will be an exciting next phase of their journey.”
Rodney Lowry, CEO, Lowe Rental Limited commented: “Many thanks to the Deloitte team for their full support throughout the process. The whole transaction was executed with precision and words are hard to find for the professionalism and expertise of the entire Deloitte team throughout. Huge credit to you all and we look forward to working with you again.”
Deloitte was named Ireland M&A Financial Adviser of the Year by Mergermarket at the European M&A Awards 2017. Over the past year, the team has been involved in a broad spectrum of transactions, including acquisitions, disposals and equity capital raisings. These have included acting as lead advisor to Voxpro on the high profile transaction with Telus International, advising One51 on the $150m acquisition of Macro Plastics in the US and advising Sovereign Capital on its investment in Irish insurance broker Arachas.
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