Test and measurement services firm Electro Rent has agreed to buy Microlease from Lloyds Development Capital for an undisclosed sum. The deal is expected to close in the first quarter of 2017.
Microlease CEO Nigel Brown said the combined company will have a global footprint, enabling it to serve customers more effectively.
“Both companies are leaders in testing and measurement equipment rental, sales, and asset management services,” he said. “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.”
Nigel Brown will become 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.
