LOS ANGELES, CA and LONDON, UNITED KINGDOM--(Marketwired - February 03, 2017) - Electro Rent Corporation announced today it has completed the acquisition of Microlease from Lloyds Development Capital. Financial terms were not disclosed.
Electro Rent is a portfolio company of Platinum Equity, which acquired the business in August 2016.
Microlease CEO Nigel Brown said the transaction creates a premier platform with a global footprint.
"This is exciting news for our customers, our employees and all of our partners. Both companies are leaders in testing and measurement equipment rental, sales, and asset management services," said Mr. Brown. "We will better serve our markets through an expanded equipment fleet and broader geographical coverage, ensuring better availability levels and a higher level of technical service."
Mr. Brown said he expects a seamless transition. The North American operation will remain headquartered in Van Nuys, California and EMEA operations will be headquartered in London, United Kingdom.
About Electro Rent
Electro 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.
Microlease (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.
About Platinum Equity
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.