Dubai: Itqan Investments together with Tamar VPower Energy Fund has acquired Byrne Equipment Rental, the most diverse supplier of rental equipment including power rental solutions across the Gulf Corporation Council (GCC), in a deal valued at about Dh1 billion.
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 and gas, construction and infrastructure, events, industrial and manufacturing, and marine and 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.
Shaikh Hamad Al Sulaiman, Owner and Chairman of Itqan and Chairman and 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,” Al Sulaiman added.