Platinum Equity has acquired Electro Rent Corp. (Nasdaq: ELRC), paying shareholders about $382 million and taking the company private. Electro Rent, based in Van Nuys, California, leases and sells electronic test equipment, personal computers and servers. The company was formed in 1965 and started renting computers in 1985. Electro Rent has 350 employees and 12 offices, including locations in Georgia, Texas, Ontario, Europe and China. Los Angeles-based Platinum Equity is a private equity firm founded in 1995 by Tom Gores with more than $6 billion under management. The firm has more than 25 operating companies in manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Platinum has completed more than 175 acquisitions, and part of its investment team is dedicated to lower-middle-market deals, targeting companies with $50 million to $250 million in annual revenue. Platinum recently sold Maxim Crane Works LP to Apollo Global Management LLC (NYSE: APO). Its recent acquisitions included the network power division of Emerson Electric Co. (NYSE: EMR), which it agreed to invest in with other investors, and a controlling stake in Emerson’s embedded computing and power business, Artesyn Embedded Technologies. Platinum also recently acquired the JM Swank food ingredient distribution business from ConAgra Foods Inc. (NYSE: CAG). And one of the firm’s companies, cargo and ground handler Worldwide Flight Services, bought Consolidated Aviation Services, also a cargo handler, from the ICV Partners investment firm. Latham & Watkins LLP was Platinum Equity’s legal counsel on the Electro Rent transaction. Houlihan Lokey was the financial adviser to the strategic alternatives committee of the Electro Rent board of directors, with Sheppard, Mullin, Richter & Hampton LLP serving as Electro Rent’s legal counsel.