We are delighted to announce that our portfolio company Lowe Rental, a global leader in the rental of refrigeration units, temporary kitchens and catering equipment, has been crowned a National Winner of the British Private Equity and Venture Capital Association (BVCA) Vision 2025 Award for International Expansion, having previously been recognised at the regional level earlier this year for Northern Ireland.
The BVCA Vision Awards celebrate outstanding private equity and venture capital-backed businesses across the UK, and Lowe was recognised as a prime example of British enterprise thriving on the international stage. Judges specifically praised the company for its operational excellence, strong financial performance and a commitment to sustainable growth.
Since investing in Lowe in 2018, the company has more than doubled its asset base, expanded to a total of 17 countries, and completed four strategic acquisitions. Lowe has delivered record expansion throughout our partnership, with turnover rising from £33m in 2019 to c. £120m in 2025.
In November 2025, we entered an agreement to exit our majority holding in Lowe Rental to MML Keystone, realising a 5.3x multiple on invested capital, and reinvesting in the business to support its next chapter of ambitious international growth and technological innovation.
Founded in 1977, Lowe has become the world’s leading provider of refrigeration and catering Equipment-as-a-Service (EaaS), serving more than 40 countries with a fleet of over 60,000 assets. The company supports global clients including Walmart, M&S, Wimbledon Championships, Singapore Grand Prix, NHS and the German Ministry of Defence.
Rachel McCausland, CEO, Lowe Rental Corporation said: “We’re honoured to be recognised as the national winner of the BVCA Vision 2025 award in the International Expansion category. This award is testament to the dedication and vision of our entire team, whose hard work drives our success. Our rapid worldwide deployment capabilities and innovative technology allow us to meet diverse client needs at scale. By delivering tailored services – from ESG-aligned equipment to flexible rental solutions for refrigeration, catering, and kitchen infrastructure – we continue to expand with purpose. This recognition reflects our commitment to ambitious, responsible global growth.”
Mark Blower, Partner at Perwyn, added: “We are very proud of Lowe Rental’s impressive achievement in winning this award. It highlights the company’s standing as a critical provider of commercial refrigeration, kitchen infrastructure and catering equipment with 12 distribution hubs on three continents.”
“The award also validates Perwyn’s investment in the company, made in 2018. Since then, we have supported Lowe by providing hands-on engagement, and we are delighted to have worked so successfully alongside the talented management team to guide the company towards attracting customers such as M&S, Target, Neom and The Abu Dhabi Grand Prix.”
A huge congratulations to the entire Lowe Rental team on this well-deserved recognition.