INVESTORS MAY TAKE COMPUTERLAND PUBLIC The investor group that has agreed to buy <Computerland Corp> will likely take the leading personal computer retailer public or sell it to other investors, industry analysts said. "Now's a good time," said Joe Levy of International Data Corp. "The personal computer industry has bottomed out and is on the way up again," he said. Earlier today, closely held Computerland, the largest PC retailing chain in the country, said it agreed to be bought by an investor group led by E.M. Warburg Pincus and Co, New York. Neither Computerland, which is 96 pct owned by its founder, William H. Millard, nor E.M. Warburg, a money management and venture capital firm, would disclose the value of the transaction. Analysts estimated that Computerland, whose 800 stores generated 1.4 billion dlrs in sales last year, would fetch 150 mln dlrs to 250 mln dlrs. Computerland franchise owners pay royalties averaging 5.9 pct to the parent company. Officials for E.M. Warburg referred all questions to Computerland. Computerland officials could not immediately be reached for comment. E.M. Warburg currently manages 1.5 billion dlrs in venture capital funds, and its past investments have included Mattel Inc <MAT> and the Ingersoll newspaper chain. It is also a money manager, with 3.5 billion dlrs under management. Although the PC retailers are benefitting from the strong upturn in PC sales, analysts said Computerland must make key changes if it is to fend off advances from rivals like Businessland Inc <BUSL.O> and Tandy Corp's <TAN> Radio Shack stores. "The name of the game now is outbound sales forces, customer service and customer support," said Levy of International Data. Relations between Computerland and its franchise owners have mellowed recently after Millard was forced to give up managment control of the company in 1985. Ed Faber, who took over as chairman and chief executive officer, revamped the company's royalty plan, which help quell much of the franchisee dissent.