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Itqan Investments buys Byrne Group

May 2018

Dubai-based Itqan Investments together with Tamar VPower Energy Fund  and CITIC Pacific has acquired Byrne Equipment Rental in a deal valued at approximately Dh1 billion ($272 million).

Byrne Equipment Rental, one of the top 100 rental companies in the world according to International Rental News, offers high quality equipment rental solutions to a broad variety of sectors including oil& gas, construction &infrastructure, events, industrial &manufacturing and marine & ports, who work with global companies throughout the GCC.

The deal also includes other businesses within the Byrne Group, namely Spacemaker (UAE), Byrne Technical Services (KSA) and Byrne Medical Equipment Rental.

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,” he added.

 




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