Hanco, the Saudi rental giant, has bought out Byrne Equipment Rental for $160m.
Saudi-based asset rental and leasing company Hanco has announced that it has completed the acquisition of Byrne Equipment Rental for $160 million.
CEO of Hanco, Hamad S Al Sulaiman said the acquisition is tied to the company’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,” Al Sulaiman said. “The company’s robust infrastructure, strong management team and talent significantly add to the value we gain from the transaction.
“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,” he added.
In a transaction partly-financed by UAE’s First Gulf Bank, Venture Capital Bank joined Hanco to acquire a 25% stake in Byrne.
“We hope to take Byrne into a new growth trajectory and build on its exceptional track record,” Al Sulaiman continued. “Synergies between Byrne’s and our other businesses will make Hanco a powerful force in the equipment rental market.”