Hertz acquires another studio rentals business
16 December 2010
Hertz has acquired 24/7 Studio Equipment, a California equipment rental company that rents aerial platforms, forklifts, generators and lighting towers to the film and television industry. The price was not disclosed.
The deal follows Hertz's acquisition in July this year of another Californian studio rentals business, 1st Call Studio Equipment.
Hertz said 24/7 Studio Equipment - founded in 2005 and owned by Chicago private equity firm Prospect Partners - was a market leader in studio equipment rentals with a 25% share of the southern California market.
24/7 will become part of Hertz Entertainment Services, which provides a single source of equipment and rental cars to the film and TV business.
"The acquisition of 24/7 will enable Hertz to further tap into the $1.8 trillion global entertainment industry," said Hertz Equipment Rental president, Gerry Plescia.
"In 2010, the LA market has experienced significant improvement in location shooting days. We're confident 24/7's customer base will appreciate the one-stop equipment and car rental shopping we offer while enjoying the mobility Hertz has when production needs take them on the road."
24/7's product line includes boomlifts, personnel and material lifts, scissor lifts, industrial forklifts, utility carts, generators and light towers. The products are often modified for studio work, such as booms painted with non-reflective black paint and with foam-filled tyres.
Hertz's chairman and chief executive officer, Mark Frissora, said the entertainment services division was an integral part of the Hertz growth strategy; "Acquiring 24/7 Studio Equipment will enable us to grow our entertainment services division in California as well as in other film markets around the country, and will give us access to customers and markets not currently serviced by Hertz.
"We anticipate significant growth in market share as we see numerous synergy opportunities with this strategic acquisition."
For the film business Hertz supplies hybrid and specialised vehicles such as the Toyota Prius, the BMW Mini Cooper, the Ford Escape Hybrid and the Lincoln Navigator. Its ‘Prestige Collection' is targeted at actors, while crews are supplied with minivans, 15 passenger vans, SUVs as well as equipment such as aerials, gensets and water trucks.