18.04.2018

Byrne Equipment Rental acquired

Private equity fund Tamar VPower Energy Fund I, which is jointly owned by VPower Group and CITIC Pacific – is to acquire Middle East based Byrne Equipment Rental for around AED1 billion ($272 million).

The acquisition includes Byrne Equipment Rental, Spacemaker (UAE), Byrne Technical Services (KSA) and Byrne Medical Equipment Rental, which together form one of the most diverse equipment rental suppliers in the Gulf region, operating from 15 locations in the UAE, Qatar, Saudi Arabia, Oman, Bahrain and Kuwait, supplying the oil & gas, construction/infrastructure, events, industrial and ports throughout the Middle East. Among the fleet are aerial work platforms and telehandlers as well as a large generator rental fleet.
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Byrne Equipment rental fleet includes access equipment and telehandlers

Rorce Au-Yeung, an investment committee member of the Fund and joint chief executive of VPower Group said: “It is the first acquisition of the fund since its establishment in January 2018, which marks the successful collaboration of CITIC Pacific and VPower Group in identifying synergistic mergers and acquisitions in the energy sector through the Fund. We believe it is a mutually beneficial acquisition to all parties. We have established long-term business collaboration with the Byrne Group through SI business hence we see its excellent operational performance over the years. Its potential growth supported by the Fund and our expertise in the power market is tremendous. The strong network of the Byrne Group, at the same time, provides a readily available platform for us to efficiently expand into the Middle East which is among the world’s highest electricity consumption per capita and where the electricity demand has continued to outpace supply growth.”

Steve Kwok, an investment committee member of the fund and executive vice president of CITIC Pacific added: “We are pleased with the opportunity to invest with our partner VPower Group in this world class equipment rental company in the GCC region. This is our first project in the region and we are confident to contribute our expertise in the power sector and bring in other business opportunities leveraging CITIC Group’s network to support the growth of the Byrne Group and open up the China market opportunity.”