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PE-backed Middle East office, equipment rental company Byrne sold for $163m

27 Mar 2014

building_office_glassHavenvest Private Equity Middle East has reportedly exited its stake in Saudi Arabian office and equipment rental company Byrne Investments as part of an AED600m ($163m) buyout.

Trade buyer Hanco and Bahrain’s Venture Capital Bank have bought into the business, the largest of its kind in the Middle East according to Reuters.

Hanco has taken a 75 per cent stake, with BVCB picking up the remainder.

HSBC Bank Middle East also exited its stake in the company, which rents out items including office and storage buildings, generators and workshops.

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