Lowe Rental Corporation’s turnover has grown from £33m in 2019 to around £120m in 2025
Lowe Rental Corporation specialises in commercial refrigeration and catering equipment as well as kitchen and cold room infrastructure.
The business, which is led by Rachel McCausland, has signed an agreement for a new majority investment from MML Keystone, which it said would mark a new chapter of international growth and technological innovation.
And existing private equity investor Perwyn will be reinvesting into the business.
Andrew Honan, co-managing partner of MML Keystone, said: “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.”
He said MML had been Lowe Rental’s first institutional investor more than a decade ago.
“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.”
Perwyn has been the company’s majority shareholder since 2018, and over that time, Lowe Rental’s turnover has grown from £33m in 2019 to around £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 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 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.”
Rachel McCausland, Lowe Rental Corporation
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.
Lowe Rental was founded in 1977 and provides refrigeration, cold rooms, catering equipment, and kitchen infrastructure to businesses across retail, hospitality, events, and public sector markets.
It has over 500 staff globally throughout 12 distribution centres and offices worldwide.
