European private equity investor Perwyn has entered an agreement to exit its majority holding in Lowe Rental to MML Keystone, realising a 5.3x multiple on invested capital. Perwyn will also be reinvesting in the company.
Lowe Rental is headquartered in Northern Ireland and is a sustainable rental services provider, specialising in commercial refrigeration and catering equipment as well as kitchen and cold room infrastructure.
The transaction follows Perwyn’s partnership with Lowe Rental, and is in line with the firm’s approach of supporting founder-led businesses. Since 2018, Perwyn has helped to diversify its customer base and product offering, expand internationally, and drive strategic M&A. During Perwyn’s tenure the business experienced turnover growing from £33m in 2019 to c£122m in 2025.
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.
