Hanco, a major asset rental and leasing company in the GCC, announced that it has acquired Byrne Investments Ltd. and its subsidiary companies — Byrne Equipment Rental and Spacemaker (collectively Byrne) — from Havenvest Private Equity Middle East Ltd. Partnership and HSBC Bank Middle East Ltd., for a transaction value of around AED600 million. Byrne is one of the largest and most diversified equipment rental and modular space providers in the GCC region.
Hamad S. Al-Sulaiman, CEO of Hanco, said: “The acquisition gives a strong impetus to Hanco’s aspirations to be the leader in the MENA region’s asset rental and lease market. Byrne’s current GCC market presence and planned expansion dovetails well with our own regional expansion plans, making it an exciting acquisition for us. The company’s robust infrastructure, strong management team and talent significantly add to the value we gain from the transaction.”
Established more than 20 years ago, Byrne is the largest general rental company in the Middle East with 450 employees and 13 offices and rental depots all over the GCC. With over 20 years of experience, Byrne provides tailor-made engineering solutions for complex purpose-built structures that require fast track turn around and innovative transport solutions.
“Following the transaction, we aim to be the leader in the GCC for rental and lease of mechanical assets with a combined asset base of close to 30,000 units. We hope to take Byrne into a new growth trajectory and build on its exceptional track record. Synergies between Byrne’s and our other businesses will make Hanco a powerful force in the equipment rental market,” added Hanco’s CEO.
Venture Capital Bank has joined Hanco in the acquisition and will acquire a 25 percent stake in Byrne.
The transaction was partly financed by the UAE’s First Gulf Bank (FGB). GIB Capital and Baker & Mckenzie advised Hanco on the transaction.