$272 million acquisition to support Byrne Group’s geographic expansion
Itqan Investments and Tamar VPower Energy Fund I have acquired the UAE-based rental equipment company with plans to expand into the mega-power market in the Asia region
UAE-based rental equipment company Byrne Group has been acquired by Itqan Investments together with Tamar VPower Energy Fund I, which is jointly established and managed by Hong Kong based VPower Group International Holdings and Citic Pacific, in a deal valued at approximately $272 million (AED1 billion). 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. 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.”
“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,” he added.
With 15 operational bases and a fleet of over 10,000 items of plant, the Byrne Group offers rental solutions to the oil & gas, construction & infrastructure, events, industrial & manufacturing and marine & ports sectors in the GCC.