Electro Rent agrees to buy Microlease
Electro Rent is 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.”
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.