West Hills, CA, Sept. 11, 2019 (GLOBE NEWSWIRE) -- West Hills, CA, September 11, 2019 (GLOBE NEWSWIRE) -- Electro Rent, a global leader in test equipment services, today announced the appointment of Jay Geldmacher as the company’s new Global CEO and President.
Jay is a seasoned technology executive with over thirty years of experience in building and growing businesses within the electronics manufacturing industry. Most recently, he was the President and CEO of Artesyn Embedded Technologies (formerly Emerson’s Embedded Computing & Power Business) where he championed the expansion of engineering resources and investments in technology into new markets such as hyper-scale, 5G and Industry 4.0.
Mr. Geldmacher will succeed current Electro Rent Global CEO Nigel Brown, who is retiring from day-to-day service but will remain active as a shareholder, Chairman and key strategic advisor to the company.
Over the last 20 years, Mr. Brown has been instrumental in driving the company’s growth both organically and via M&A, expanding its footprint, creating industry-leading equipment services and most recently leading the successful integration of the Microlease and Electro Rent businesses.
“Jay is uniquely qualified to lead the business through its next phase of growth and evolution, building on the company’s position as the global test equipment services provider of choice,” said Mr. Brown. “His global technology background and experience developing deep customer relationships is a perfect fit for Electro Rent.”
Electro Rent is a portfolio company of Platinum Equity.
“Nigel has been an exceptional leader and we are pleased to continue our partnership with him in his new role,” said Platinum Equity Partner Louis Samson. “Jay’s leadership style and tireless dedication to customers aligns well with Electro Rent and our long-term aspirations for the business. The company will benefit from his experience penetrating new markets and geographies as well as his sense of urgency and focus on execution.”
Mr. Geldmacher will be based in Electro Rent’s headquarters located in West Hills, California and will assume the Global CEO and President role this month.
About Electro Rent
Electro Rent is a leading global provider of test and technology solutions that enable its customers to accelerate innovation and optimize investments. Electro Rent’s rental, lease, sales and asset management solutions serve industry-leading innovators in communications, aerospace and defense, automotive, energy, education, and general electronics, and have done so since 1965. More information is available at www.electrorent.com.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Over the past 23 years, Platinum Equity has completed more than 200 acquisitions.