Electro Rent Buys Unit From GE Capital

Electro Rent Corp. said it bought GE Capital Technology Management Services’ computer rental business for $241 million, doubling Electro Rent’s size. Van Nuys-based Electro Rent rents computers and other equipment for testing and measurement projects. The purchase will more than double Electro Rent’s revenue, equipment value and employee base, Chairman and Chief Executive Daniel Greenberg said in a statement. Electro Rent said it has 500 employees and an equipment portfolio exceeding $140 million. The company had sales in the year ended May 31 of $150.5 million. Electro Rent said it will continue GE Capital’s local contracts and support services. GE Capital is a unit of Fairfield, Conn.-based General Electric Co. Shares of Electro Rent rose 38 cents to close at $37.94 on Nasdaq; GE shares rose $1.88 to $71.19 on the New York Stock Exchange.