Perwyn exits majority of Lowe Rental; MML Keystone for growth

Perwyn has agreed to sell its majority holding in Lowe Rental to private investment firm MML Keystone, while also converting part of its stake into a reinvested position. The deal—announced today—signals a change of control but maintains continuity through retained capital and management continuity.

Headquartered in Northern Ireland, Lowe Rental is widely recognised for renting commercial refrigeration, catering equipment and cold-room infrastructure. Under Perwyn’s ownership the business scaled rapidly: turnover rose from £33m in 2019 to approximately £120m in 2025, and the company now operates from 12 strategic distribution centres spanning North America, the UK and Europe, the GCC and Asia.

Perwyn says the move follows a multi-year growth partnership that began with its investment in 2018. During that period the private equity sponsor supported international expansion, helped execute targeted acquisitions, broadened the customer base and backed a shift to recurring revenue through equipment-as-a-service (EaaS) models. The firm will retain a financial interest in Lowe as part of the transaction.

Management reiterated ambitious plans under new majority ownership. Rachel McCausland, CEO of Lowe Rental Corporation, described the transaction as a platform to accelerate the company’s international roll-out, scale its technology stack and deepen sustainability initiatives. The group has highlighted expanding its IoT-enabled fleet monitoring and predictive maintenance capabilities as a strategic priority to improve uptime and reduce carbon intensity.

Mark Blower, Partner at Perwyn, reflected on the partnership, noting that the business has diversified its end-market exposure—serving grocery retail, trade events, sports venues and public institutions—and matured into a global rental platform. He said Perwyn’s decision to reinvest underscores confidence in the company’s runway and the team’s ability to deliver further expansion.

Market context: the equipment rental sector is being reshaped by service-based consumption models and digitalisation. Analysts estimate the global rental market is growing at roughly a c.5% CAGR, driven by ESG requirements, capex-light solutions for large retailers and the adoption of IoT for remote asset management. For specialised refrigeration and catering equipment, customers increasingly prefer rental arrangements that bundle maintenance, upgrades and energy-efficiency improvements.

The transaction remains subject to customary closing conditions, including regulatory approvals. Strategically, the deal follows a familiar private-equity pattern: exit of a majority stake to another financial sponsor while the seller keeps an economic foothold to benefit from continued growth under refreshed ownership. For Lowe Rental, the combination of fresh capital and a strengthened technology roadmap aims to fund both organic expansion and acquisition-led roll-up across key international markets.