Combination will create a premier global platform
in the electronic test and measurement services industry
LOS ANGELES / LONDON – 16 November 2016 – Electro Rent
Corporation today announced it entered into an agreement to acquire Microlease
from Lloyds Development Capital. The transaction is expected to close during Q1
2017. Financial terms were not disclosed.
Microlease CEO Nigel Brown said the combination will
create a premier platform with a global footprint.
“Both companies are leaders in testing and measurement
equipment rental, sales, and asset management services,” said Nigel Brown, CEO
of Microlease. “Combined, we believe we can serve customers better through a
significantly expanded equipment fleet and stronger geographical coverage,
ensuring better availability levels and a higher level of technical service.”
Electro Rent is a portfolio company of Platinum
Equity, which acquired the business in August 2016.
“This is a transformational opportunity that puts the
combined company in a better position to serve customers in a global market
poised for significant growth,” said Platinum Equity Partner Louis Samson. “We
are delivering on our pledge to invest in Electro Rent’s long-term strategic
plan and will continue looking for new opportunities to expand organically or
through additional acquisitions.”
Mr. Brown will be appointed CEO of the combined
company once the transaction is completed. The company’s North American
operation will be headquartered in Van Nuys, California and its EMEA operations
will be headquartered in London, United Kingdom.
Rent Corporation (http://www.ElectroRent.com) is one of the largest
global organizations devoted to the rental, leasing and sales of general
purpose electronic test equipment, personal computers and servers. It has
almost 50 years of experience in advising customers on their best acquisition
approach, including rent, purchase and leasing options and combinations. The
company is headquartered in Van Nuys, California, USA.
(https://www.microlease.com) is a leading equipment
services and distribution provider to the test and measurement industry across
Europe, Asia, and the US. It helps clients deploy equipment when and where
needed in the most cost-effective manner via services including rental,
leasing, and asset management. The company was founded in 1979, and is
headquartered in London, United Kingdom.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment
firm with a portfolio of approximately 30 operating companies that serve
customers around the world. Platinum Equity specializes in mergers,
acquisitions and operations – a trademarked strategy it calls M&A&O® -
acquiring and operating companies in a broad range of business markets,
including manufacturing, distribution, transportation and logistics. Over the
past 20 years, Platinum Equity has completed more than 185 acquisitions.
“We are delivering on our pledge to invest in Electro Rent’s long-term strategic plan and will continue looking for new opportunities to expand organically or through additional acquisitions.” said Platinum Equity Partner Louis Samson.
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