Electro Rent Acquires Microlease to Become the Leader in the T&M Rental Market

Electro RentElectro Rent has 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. The combination of the two companies will have many synergies as both companies are leaders in testing and measurement equipment rental, sales, and asset management services. Once combined, they will be able to serve customers better through a significantly expanded equipment fleet and stronger geographical coverage, with 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. They plan to invest in Electro Rent’s long-term strategic plan and will continue looking for new opportunities to expand organically or through additional acquisitions.

Microlease CEO, Mr. Nigel 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.