“Both companies are leaders in testing and measurement equipment rental, sales and asset management services,” he noted. “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, acquired by Platinum Equity in August 2016 and based in the US, is one of the largest global organisations devoted to the rental, leasing and sales of general purpose electronic test equipment. Microlease, established in 1979, is based in London.
“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.”
Following completion of the deal early next year, Brown will become CEO of the combined company.