Refrigeration specialist Lowe Rental Corporation has sold a majority stake to a new private equity owner as the business continues its expansion.
The Northern Ireland-headquartered company rents fridge units, catering equipment and temporary kitchens to a global customer base in events, exhibitions and retailers, including the likes of M&S, Tesco, Asda, Morrisons and Holland & Barrett in the UK.
MML Keystone took over the majority stake in Lowe from London PE firm Perwyn, which has backed the business since 2018.
Lowe said the investment the beginning of “an exciting new chapter of international growth and technological innovation”.
“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,” CEO Rachel McCausland added.
“With MML’s support, we’ll continue to scale our impact, advance our sustainability agenda, and deliver even greater value to our customers worldwide.”
Founded in 1977, Lowe employs a team of more than 500 staff across 12 distribution centres and offices worldwide.
The business experienced record expansion under Perwyn’s ownership following a period of transformation and diversification, with turnover growing from £33m in 2019 to about £120m in 2025.
Perwyn partner Mark Blower said: “During the time of our investment in Lowe Rental it has evolved into a truly global platform.
“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.”
Perwyn has reinvested in Lowe as part of the deal.
Andrew Honan, co-managing partner of MML Keystone, added: “MML has known the Lowe Rental team for over a decade – with MML Ireland having been the company’s first institutional investor – and we are delighted to be renewing this partnership. We have every confidence in the team’s ability to deliver the next phase of growth and look forward to supporting them as they continue to expand across multiple market-leading verticals.”
Lowe was advised by DC Advisory, Eversheds Sutherland, CIL and Deloitte, with its management advised by Pinsent Masons and Jamieson.
MML Keystone worked with Macquarie Capital, Hogan Lovells, Roland Berger, Queens Tower Advisory, EY, Howden and Sustainable Advantage.
The transaction is subject to customary completion conditions, including regulatory approvals.
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