Byrne Group under new ownership
By Joe Malone18 April 2018
Tamar VPower Energy Fund, a collaboration of investment companies, has acquired Dubai-based rental company Byrne Equipment Rental for AED1 billion (€220 million).
The investment group is made up of VPower Group International Holdings, CITIC Pacific and Itqan Holding, and was established in January this year. Tamar VPower Energy Fund was formed with the ambition of targeting high-growth investment opportunities in the energy sector in markets encompassed by the Belt and Road Initiative.
The Byrne group of companies is made up of Byrne Equipment Rental, Spacemaker (UAE), Byrne Technical Services (KSA) and Byrne Medical Equipment Rental.
The group owns more than 10,000 items of plant and 15 depots, offering equipment in the oil and gas, construction and infrastructure, events, industrial and manufacturing, and marine and ports sectors throughout the GCC region.
Rorce Au-Yeung, an investment committee member of the fund and co-chief executive officer 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.”
Au-Yeung added that the strong network of the Byrne Group provided a readily available platform for the investment fund to expand its presence in the Middle East, which was among the world’s highest electricity consumers per capita.
Meanwhile, Sheikh Hamad Al Sulaiman, chairman of Itqan and chairman and CEO of the Byrne Group, added, “VPower Group 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.
“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 solution market in the GCC region.”