Company divests ancillary division focused on power and infrastructure markets
LOS ANGELES, Feb. 19, 2025 /PRNewswire/ -- Platinum Equity portfolio company Electro Rent today announced the signing of a definitive agreement to sell its intellirent division to Sandbrook Capital.
intellirent provides electrical test and measurement ("T&M") equipment primarily serving the power generation and distribution, data center and renewable energy industries.
Electro Rent, which has owned intellirent since 2018, expressed confidence in the company's continued growth under new ownership.
"The intellirent segment has grown significantly under our ownership and established itself as a leader in the power and electrical testing equipment rental market across a range of testing environments and industries," said Mike Clark, Chief Executive Officer at Electro Rent.
Clark said he expects a seamless transition.
"The business is a non-core North American division that mostly operates independently and primarily serves different customers and end users than Electro Rent's other business segments," explained Clark. "It's well-built to operate as a standalone enterprise led by a dedicated management team under the leadership of Neil McCaw."
The transaction is expected to close in the first quarter of 2025.
"We believe this sale allows us to unlock the value of intellirent while Electro Rent focuses on further growth and investment in its core business," said Platinum Equity Co-President Louis Samson and Platinum Equity Managing Director David Glatt in a joint statement. "We will continue working with Mike and the management team to maximize the company's potential."
Harris Williams served as financial advisor to Electro Rent and Platinum Equity on the sale of intellirent. Latham & Watkins LLP is serving as legal advisor to Electro Rent and Platinum Equity on the divestiture.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of more than 50 operating companies that serve customers around the world. 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 29 years Platinum Equity has completed more than 450 acquisitions.
About Electro Rent
Electro Rent is a leading global provider of testing and technology solutions that enable its customers to accelerate innovation and optimize investments. Electro Rent offers a single-source solution, including rental, financial solutions, sale of new and used equipment, calibration and asset optimization, serving industry-leading organizations in communications, aerospace and defence, automotive, energy, education and general electronics. The company was founded in 1965. More information is available at www.electrorent.com.
About intellirent
intellirent is the leading provider of medium-to-high-voltage electrical testing equipment rentals, offering industry-leading service and an extensive fleet to support a diverse customer base. By delivering fast, reliable, and technically sophisticated rental solutions, intellirent plays a critical role in power grid modernization, data center expansion, and industrial infrastructure projects. The company's deep expertise and commitment to customer service have solidified its position as a trusted partner in the specialty rental market.
Contact:
Dan Whelan
Platinum Equity
[email protected]
SOURCE Platinum Equity
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