Lowe to embark on another chapter of international growth and technological innovation
Realising a 5.3x multiple on invested capital for Perwyn
We are delighted to announce that we have entered an agreement to exit our majority holding in Lowe Rental to MML Keystone. We will also be reinvesting in the company.
Lowe Rental is headquartered in Northern Ireland and is the global market leader in sustainable rental services, specialising in commercial refrigeration and catering equipment as well as kitchen and cold room infrastructure.
This transaction will follow our highly successful partnership with Lowe Rental, and is a hallmark of our investment approach of partnering with and supporting a founder-led business throughout its growth journey.
Since 2018, we have supported the company in diversifying its customer base and product offering, expanding internationally, driving strategic M&A activity, and repositioning the business for long-term success. The business experienced record expansion throughout our tenure, with turnover growing from £33m in 2019 to c. £120m in 2025.
Lowe Rental will embark on a new chapter of international growth and technological innovation. The company will pursue both organic and strategic acquisition-led growth, enhance its market-leading rental initiatives, and further expand its innovative IoT offering.
Mark Blower, Partner at Perwyn, said: “During the time of our investment in Lowe Rental it has evolved into a truly global platform, operating 12 strategic distribution centres across North America, the UK and Europe, the GCC, and Asia.
“We are proud to have supported the company to build a diverse customer base spanning grocery retail, food and beverage exhibitions, major sporting events, and public sector institutions.
“Working with the talented management team, we supported the development of an Equipment-as-a-Service model for Lowe, and we have every confidence that the team will continue to prosper.”
Rachel McCausland, CEO of Lowe Rental Corporation, said: “We are delighted to enter an agreement to welcome MML Keystone as our new majority shareholder. This partnership will mark an exciting milestone for Lowe Rental as we accelerate our global growth strategy and strengthen our technology-led approach to rental services. With MML’s support, we’ll continue to scale our impact, advance our sustainability agenda, and deliver even greater value to our customers worldwide.
I would also like to thank Perwyn for their partnership and guidance since 2018, they have been instrumental in helping us build the strong international platform we have today.”
The transaction is subject to customary completion conditions, including regulatory approvals.