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GIB role ‘key to $253m Byrne sale’

Bahrain Business
Mon, 10 Sep 2018

MANAMA: GIB Capital, the investment banking arm of Bahrain-based Gulf International Bank (GIB), said it acted as financial adviser to Al Tala’a International Transportation Company on the $253 million sale of Byrne Equipment Rental to Itqan Investments and Tamar VPower Energy Fund.

Byrne Equipment Rental offers equipment rental solutions to a variety of sectors including oil and gas, construction and infrastructure, events, industrial and manufacturing, and marine and ports.

The deal also includes other businesses within the Byrne Group, namely Spacemaker (UAE), Byrne Technical Services and Byrne Medical Equipment Rental.

Itqan owner and chairman and Byrne Group chairman and chief executive Hamad Al Sulaiman said: “The acquisition will support Byrne’s plans to grow into the Asian markets and replicate the success the company has already achieved in the GCC region, and tap into a wider scope of power generation solutions.”

“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,” stated Mr Al Sulaiman.

Tamar VPower Energy Fund is jointly managed by a Hong Kong-based company, VPower Group International, engaged in power generation, and Citic Pacific, a diversified Chinese government owned conglomerate.

GIB Capital CEO Osamah Shaker said: “This transaction is Citic Pacific’s first investment in the region and signifies the attractiveness of the region for foreign direct investment. We are extremely proud to have been associated with this transaction.”

“We congratulate Al Tala’a on the successful closure of this deal and wish the buyers the very best for their future endeavours. We look forward to continuing to play a leading role in Saudi capital markets based on our traditional strengths and the strengths of our team,” he added.

The GDN had reported last week that Venture Capital Bank (VCBank), a Bahraini Sharia-compliant investment firm, netted a 45 per cent return after exiting its investment in Byrne Equipment Rental. VCBank said it sold its 25pc stake in Byrne for $58m.

According to Reuters data, Saudi Arabia’s Hanco (Al Tala’a) and VCBank had partnered to acquire Riyadh-based Byrne for around $163.35m in 2014.

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