LOS ANGELES / LONDON, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Electro Rent Corporation today announced it has acquired Intellirent. Financial terms were not disclosed.
Electro Rent Global CEO Nigel Brown said the combination will create a premier platform with a broad inventory, coverage throughout the United States and a first-class standard of service to its customers.
“Both companies are leaders in Power and Industrial testing equipment rental, sales, and asset management services,” said Mr. Brown. “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 Corporation 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.”
About Electro Rent
Electro Rent Corporation is one of the largest global organizations devoted to the rental, leasing and sales of general purpose electronic test equipment, personal computers and servers. It has almost 50 years of experience in advising customers on their best acquisition approach, including rent, purchase and leasing options and combinations. The company is headquartered in Los Angeles, California, USA.
About Intellirent
Intellirent is a leading equipment services provider to the Power and Industrial market in the USA. It helps clients deploy equipment when and where needed in the most cost-effective manner via services including rental, leasing, and asset management. The company was founded in 2008, and is headquartered in Dallas, Texas, USA.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $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. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 200 acquisitions.