Platinum Equity portfolio company Electro Rent announced the signing of a definitive agreement to sell the intellirent division to Sandbrook Capital. Intellirent offers electrical test and measurement (T&M) equipment, primarily serving the power generation and distribution, data center, and renewable energy industries.
The deal is expected to close in the first quarter of 2025.
Harris Williams served as financial advisor to Electro Rent and Platinum Equity on the intellirent sale. And Latham & Watkins is serving as legal advisor to Electro Rent and Platinum Equity on the divestiture.
KEY QUOTES:
“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.”
“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. It’s well-built to operate as a standalone enterprise led by a dedicated management team under the leadership of Neil McCaw.”
- Mike Clark, Chief Executive Officer at Electro Rent
“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. We will continue working with Mike and the management team to maximize the company’s potential.”
- Platinum Equity Co-President Louis Samsonand Platinum Equity Managing Director David Glatt in a joint statement
