LISBURN-based refrigeration and catering equipment rental specialist Lowe has completed the acquisition of PKL Group, a world leading supplier of temporary kitchens and catering equipment for rental and sale.
The deal, completed for an undisclosed sum, is set to strengthen Lowe’s position as a global leader in the rental of refrigeration, catering equipment and temporary kitchens.
Founded in 1988 and employing around 100 staff at its base in Cheltenham, PKL supplies temporary and permanent catering infrastructure to a diverse range of end markets, delivered in many forms such as modular kitchens, food kiosks and the hire of commercial catering equipment.
It has been at the forefront of developing and delivering solutions for some of the world’s most renowned events such as the Olympics and Commonwealth Games.
Last year Lowe - which 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 - revealed that it had a new equity partner after privately-funded investment firm Perwyn paid £60 million to buy out its previous majority stakeholder.
The acquisition of PKL supports Lowe’s plans for growth and adds a significant wealth of expertise in the catering space, complementing its considerable expertise in the supply of refrigeration.
The combined group will have revenues in 2019/20 of over £50 million and will operate from 11 locations across the world.
Lowe's chief executive Rodney Lowry said: "We're delighted to welcome PKL into our high-performing group. With innovation and a customer-focused approach at our core, PKL is a perfect fit. There are excellent synergies between the companies such as our approach to customer service, our reputation as trusted brands, the quality of products we supply and the high calibre of the management teams.
"Both companies are delighted to have all formalities of the deal completed, clearing the way for our staff to start the business of building a collective powerhouse in the rental of refrigeration, catering equipment and temporary kitchens across the world.”
PKL’s chief executive Lee Vines added: “The acquisition of our business by Lowe is an exciting and welcome step forward for us. Having the backing of such a large, globally renowned company unlocks new significant growth potential in markets and geographies that historically would have been out of reach.”
Founded in 1977, Lowe has a truly international network of offices, teams and distribution hubs across USA, Europe, Middle East and Asia which enabled it to serve 40 countries and sell into 140 countries.
