Lowe Rental Corporation, headquartered in Lisburn, Northern Ireland, is the global market leader in sustainable rental services, specialising in commercial refrigeration and catering equipment as well as kitchen and cold room infrastructure.
The business is pleased to announce the signing of an agreement for a new majority investment from MML Keystone, which will mark the beginning of an exciting new chapter of international growth and technological innovation. Perwyn, a leading European private equity investor, will also be reinvesting in Lowe Rental.
Andrew Honan, co-Managing Partner of MML Keystone, commented:
“We have been greatly impressed by the global platform that Rachel and the team at Lowe Rental have built, and we have a strong conviction in the value that the Lowe Rental Equipment-as-a-Service model delivers to its clients. The combination of customer impact, innovation, and sustainable growth aligns closely with MML Keystone’s investment philosophy.
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.”
This transaction follows a highly successful partnership with Perwyn, who as the majority shareholder since 2018, has supported the company through a major phase of transformation and diversification. The business experienced record expansion throughout Perwyn’s tenure, with turnover growing from £33m in 2019 to c.£120m in 2025.
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 centers 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 also supported the development of an Equipment-as-a-Service model for Lowe, and we have every confidence that the team will continue to prosper.”
The new partnership with MML Keystone will empower Lowe Rental to pursue both organic and strategic acquisition-led growth, enhance its market-leading rental initiatives and further expand its innovative IoT technology offering.
Rachel McCausland, CEO of Lowe Rental Corporation, said:
“We are delighted to enter an agreement that will 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.”
Lowe Rental was advised by DC Advisory, Eversheds Sutherland, CIL and Deloitte.
The management was advised by Pinsent Masons and Jamieson.
MML Keystone was advised by 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.
About Lowe Rental Corporation
Founded in 1977 and headquartered in Northern Ireland, Lowe Rental Corporation is the world leader in sustainable equipment rental solutions. The company provides refrigeration, cold rooms, catering equipment, and kitchen infrastructure to businesses across retail, hospitality, events, and public sector markets.
With a team of over 500 employees globally throughout 12 distribution centers and offices worldwide, Lowe delivers fully managed rental solutions as well as specialised consultancy and design services. Its LoweConex IoT platform drives data-led energy management and sustainability across global equipment fleets.
About Perwyn
Founded in 2013, Perwyn is a leading European private equity investor specialising in buyout and growth capital investments; with c. 35 staff across three European offices. Our substantial permanent capital base allows us to focus exclusively on helping investee companies scale and to achieve great outcomes.
Perwyn builds and transforms businesses through its focused M&A strategy and value-added, hands-on engagement with founders and management teams and we invest in a focussed portfolio of businesses across Europe with an Enterprise Value between £/€50m-250m, and with significant potential to expand.
About MML Capital
MML Capital is an international mid-market private equity firm with offices in London, Paris, Dublin and New York, that partners with management teams to accelerate growth and strategic development. The firm provides flexible capital solutions to support buyouts, expansions, and transformational initiatives, with a focus on businesses demonstrating strong market positions and clear potential for long-term value creation. MML Keystone is distinguished by its collaborative, partnership-driven approach and its commitment to helping ambitious teams achieve sustainable and scalable growth.