Private equity firm Perwyn has appointed DC Advisory to sell its stake in UK-headquartered international refrigeration and catering equipment business Lowe Rental, potentially targeting infrastructure funds.

Sources said that DC Advisory distributed teasers in recent days for the business, which owns some 100,000 refrigeration and catering equipment units, as well as more than 1,000 portable kitchens that are rented out to the food & beverage and grocery industries.

Its equipment is also rented out to large exhibitions as well as major sporting events, music and food festivals and more, according to its website.

London-based Perwyn acquired a majority stake in Lowe Rental – which has a presence in the US, Dubai, Saudi Arabia, Hong Kong, Singapore, Germany and Spain as well as the UK – seven years ago from the Irish arm of private equity investor MML Capital, for some GBP 60m.

CEO Rodney Lowry also has a stake in the 1977-founded business, which reported EBITDA before exceptional expenses of GBP 21.5m in 2023 against GBP 16.2m for the previous year, according to latest accounts for its topco company, P27 Topco Limited.

P27 Topco reported losses of GBP 13.7m in 2023, versus losses of GBP 24.2m in 2022.

Alternative investment manager Ares Management is a senior lender to the company and also holds a fixed and floating charge over the company’s assets, according to Companies House filings.

Recent regional expansion has included the company opening a new distribution centre in Zaragoza, Spain, in 2023. It has since then further strengthened its presence in the country with the opening of an office in Madrid.

In January 2024, the company also acquired German peer Lotsenbüro für temporäre Bauten und mobile Lösungen GmbH for an initial EUR 30m.

Lowe Rental also works with the public sector, providing its equipment for food service operations across military, healthcare and education facilities, in cooperation with local authorities and the UK government.

Perwyn and DC declined to comment. Lowe Rental did not respond to a request for comment.