'This partnership will mark an exciting milestone': London private equity firm acquires majority stake in 48-year-old Lisburn refrigeration rental company
MML Keystone to acquire majority stake from Perwyn as Lowe Rental targets global growth, technological innovation, and expansion of its IoT and rental services
A deal has been agreed for a new private equity backer to take a majority stake in a Northern Ireland supplier of rental equipment specialising in commercial refrigeration and catering equipment as well as kitchen and cold room infrastructure.
Lisburn-headquartered Lowe Rental was established in 1977 and today operates from 12 distribution centres across the world.
The business has been backed by investment firm Perywn since 2018.
Now, Perwyn has entered an agreement to exit its majority holding in Lowe Rental to MML Keystone.
Perwyn, which will also be reinvesting in Lowe, has 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 about £120m in 2025.
Lowe Rental will embark on a new chapter of international growth and technological innovation.
The company is also set to pursue both organic and strategic acquisition-led growth, enhance its rental initiatives, and further expand its IoT offering.
The deal realises a 5.3x multiple on invested capital for Perwyn.
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, chief executive of Lowe Rental Corporation, added: "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."
She added: "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."
DC Advisory was engaged by Perwyn as exclusive financial advisor to provide sell-side advice to support on the sale of its majority holding in Lowe.
The transaction is subject to customary completion conditions, including regulatory approvals.