Middle Eastern equipment rental and leasing firm Hanco has acquired Byrne Equipment Rental, a rental and modular space supplier for about 600 million Saudi Arabian Riyals (about U.S. $555 million). Byrne is one of the largest and most diversified equipment rental and modular space providers in the Gulf Cooperation Council region.

Byrne is believed to be the largest general rental company in the Middle East with 13 branches in the GCC region.

“The acquisition gives a strong impetus to Hanco’s aspirations to be the leader in the MENA region’s asset rental and lease market,” said Hamad Al Sulaiman, Hanco CEO. “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. We hope to take Byrne into a new growth trajectory and build on its exceptional track record. Synergies between Byrne’s and out other businesses will make Hanco a powerful force in the equipment rental market.”

Hanco was ranked No. 14 among the Arabia 500 Fastest Growing Companies in 2011.