Byrne Equipment Rental, a major supplier of rental equipment across the GCC has been acquired in a deal valued at approximately AED 1bn ($272mn).
Itqan Investments, together with Tamar VPower Energy Fund I LP and CITIC Pacific secured the deal which includes other businesses within the Byrne Group, namely Spacemaker (UAE), Byrne Technical Services (KSA) and Byrne Medical Equipment Rental.
Byrne Equipment Rental offers equipment rental solutions to a broad variety of sectors including oil & gas, construction & infrastructure, events, industrial & manufacturing and marine & ports.
Sheikh Hamad Al Sulaiman, chairman of Itqan and chairman & CEO of the Byrne Group, said: “The acquisition will support Byrne’s plans to grow into the Asian market and replicate the success the company has already achieved in the GCC region, and tap into a wider scope of power generation solutions in the GCC region.
“Our clients here in the GCC will continue to receive an outstanding level of service and will benefit from a growth in our rental fleet, both in terms of size and diversity.
“VPower and CITIC Pacific have a clear understanding of our operating model and we see this as a powerful opportunity to leverage our respective strengths and generate enhanced growth in our markets.
“This is particularly the case in the larger scale power generation market, where VPower’s investment, building and operating business has demonstrated tremendous growth in recent years and CITIC Pacific has extensive experience with a total gross installed capacity in thermal, clean and renewable energy over 7GW.
“There is a clear synergy between the companies and a mutual ambition to be the leaders in our fields. This year alone has seen Byrne develop three new successful business lines and we are confident that our partnership will benefit our customers and staff, and help raise the standard of quality and service in our industry.”
The Byrne Group employs 1,500 people across 15 operational bases and has a fleet of over 10,000 items of plant.
Sheikh Hamad Al Sulaiman added: “Byrne is entering into a new phase, having built a strong brand identity, an extensive infrastructure covering the whole GCC, the widest mix of equipment promoting the one stop shop concept, experience of over 25 years in the region, extensive supplier arrangements, and systems and procedures that have survived the test of time.
“With the latest major economic changes in the region, towards further anticipated substantial growth in the coming years, Byrne is well placed to expand our existing business in line with this growth, and open new business lines capitalising on our existing infrastructure in place.
“With in-house capabilities and experience derived from our new shareholders we will be expanding into the mega-power market in the region, more oil & gas centric equipment, environmental equipment, and new geographies, while continuing to grow our wide spectrum of equipment offering.”